Alok Industries Ltd on Saturday allotted 83.33 crore equity shares of ₹1 each at a premium of ₹2 per equity share for cash at a total consideration of ₹250 crore to Reliance Industries Ltd (RIL). Pursuant to this acquisition, RIL will hold 37.7 per cent equity share capital of the Mumbai-headquartered integrated textile manufacturer.
In a stock exchange notice, RIL said the acquisition is in accordance with the approved Resolution Plan.
RIL further said that in accordance with the approved Resolution Plan, Alok Industries has today also allotted 250 crore – 9 per cent optionally convertible preference shares (OCCP) of ₹1 each for cash at par, for a total consideration of ₹250 crore to RIL.
