(PTI)
Reliance Industries on Saturday said it has acquired 37.7 per cent stake in textile manufacturer Alok Industries Ltd for Rs 250 crore. Reliance had jointly with JM Financial Asset Reconstruction Co Ltd bid for acquiring Alok Industries that was auctioned under the insolvency and bankruptcy law by lenders to recover their unpaid loans.
The Ahmedabad bench of the National Company Law Tribunal (NCLT) had last year approved the joint bid.
“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.
