[videos] => Array about 15 mins 02 sec ago. It was among the 12 accounts with outstanding loans greater than Rs 5,000 crore that the Reserve Bank of India (RBI) asked banks to refer to the NCLT process.Alok Industries owed lenders a total of Rs 30,000 crore.In March 2019, the Ahmedabad bench of the NCLT had approved the sole RIL-JM Financial ARC bid for Alok for Rs 5,050 crore Reliance Industries announced on 29 th Feb that it has acquired a controlling stake in textile manufacturer Alok Industries Ltd for Rs 250 crore ($34.3 million).. Alongside JM Financial Asset Rehabilitation Co Ltd, Reliance had a bid to buy Alok Industries which had been auctioned by lenders under the insolvency and bankruptcy law to recover their unpaid loans. Choose your winners rationally in 3 simple steps!Choose your reason below and click on the Report button. Reliance is buying alok industries, So alok will going up. auctioned by lenders under the insolvency and bankruptcy law to recover their We take the quality of the messages posted on forum as seriously as our articles. Reliance Industries on Saturday said it has acquired 37.7 per cent stake in textile manufacturer Alok Industries Ltd for Rs 250 crore. Reliance is selling the PPEs to the government at around ₹ 650 per piece. hold 37.7% equity share capital of Alok Industries.RIL had planned to raise about Rs Alok Industries is an Indian textile manufacturer based in Mumbai. MUMBAI: The State Bank of India (SBI) has asked Reliance Industries (RIL) to complete its proposed takeover of bankrupt textile company Alok Industries by paying up its equity share so that the long pending resolution process can be completed, a person directly aware of the communication said.
This will alert our moderators to take actionRIL pumps in Rs 500 crore equity into Alok Inds for 37.7%stakeCopyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. ( "Please note that in accordance with the approved Resolution Plan, ALOK has today allotted 83.33 crore equity shares of Re 1 each at a premium of Rs 2 per equity share for cash at total consideration of Rs 250 crore to RIL," Reliance Industries Ltd (RIL) said in a regulatory filing.Pursuant to this acquisition, RIL will hold 37.7 per cent equity share capital of Alok Industries, it added.Also, in accordance with the approved resolution plan, Alok Industries has allotted 250 crore 9 per cent Optionally Convertible Preference Shares (OCPS) of Re 1 each for cash at par, for a total consideration of Rs 250 crore to RIL.In March 2019, the Ahmedabad bench of the NCLT had approved the sole RIL-JM Financial ARC bid for Alok for Rs 5,050 crore.RIL had planned to raise about Rs 4,550 crore through bank loans while infusing Rs 500 crore equity in the company.Alok Industries, incorporated on March 12, 1986, is an integrated textile manufacturer headquartered in Mumbai with interests in the polyester and cotton segments.It has a product suite comprising of cotton yarn, apparel fabrics, bed linen, terry towels, embroidery, garments and polyester yarn. The company has representative offices for sales promotion in Sri Lanka and Bangladesh. Reliance Industries has converted its newly acquired textiles and apparel fabrics maker Alok Industries into a PPE manufacturer, helping produce COVID-19 protective gears at one-third the cost of those imported from China. "Approval of National Company Law Tribunal, Ahmedabad Bench and Competition Commission of India have been received," the filing said.SBI, the lead bank, had initiated insolvency proceedings against Alok Industries in June 2017. MUMBAI: Lenders to Alok Industries have rejected a revised offer by Reliance Industries-JM Financial ARC to acquire the bankrupt company, implying that the borrower may head into liquidation, banks must make 100% provisions against advances, and hundreds of employees could lose jobs. ) CNN and the CNN logo are registered marks of Cable News Network, LP LLLP, displayed with permission. It exports 26% of its products to over 90 countries in the US, Europe, South America, Asia and Africa. million) equity in Alok Industries after it recieved approval from NCLT (National The company has defaulted on more than Rs 20,000 crore of loans as its diversification both locally and globally ran into rough weather. All rights reserved. Reliance Industries has converted its newly acquired textiles and apparel fabrics maker Alok Industries into a PPE manufacturer, helping produce COVID-19 protective gears at one-third the cost of those imported from China.
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