Reliance Industries (RIL) said on Saturday that it has acquired 37.7 per cent stake in the debt-ridden Alok Industries Ltd for Rs 250 crore.
This comes after the Ahmedabad bench of the National Company Law Tribunal (NCLT) had last year approved its joint acquisition proposal with JM Financial Asset Reconstruction Co Ltd.
State Bank of India (SBI) Chairman Rajnish Kumar had earlier said the bank expects to recover Rs 1,700 crore from Alok Industries.
In an exchange filing, RIL said that in accordance with the approved resolution plan, Alok Industries has on Saturday allotted 83,33,33,333 equity shares of Re 1 each at a premium of Rs 2 per equity share for cash at a total consideration of Rs 250 crore to RIL.
