Reliance Industries, JM Financial ARC increase stake in Alok Industries Ltd

In accordance with the Resolution Plan, jointly submitted by Reliance Industries Limited ("RIL" or "the Company") and JM Financial Asset Reconstruction Company Limited acting in its capacity as a Trustee of 'JMFARCMarch 2018 - Trust' - (JMFARC) and approved by National Company Law Tribunal, Ahmedabad Bench, vide its order dated March 8, 2019, under Section 31 of the Insolvency and Bankruptcy Code, 2016, Alok Industries Limited ("ALOK") has today allotted:

- 115,32,00,000 equity shares of the face value of Re. 1/- (Rupee One only) each, fully paid up, to RIL, pursuant to conversion of debt;

- 160,14,00,000 equity shares of the face value of Re. 1/- (Rupee One only) each, fully paid up, to JMFARC, pursuant to conversion of debt.

Pursuant to the aforesaid allotment, holding of RIL and JMFARC in the equity share capital of ALOK has increased to 40.01% and 34.99% respectively.

No further governmental or regulatory approvals were required for the aforesaid acquisition of shares.

Since ALOK is an associate company of RIL, the said acquisition by RIL in ALOK falls under related party transaction. None of RIL's promoter / promoter group / group companies have any interest in the transaction.

Shares of RELIANCE INDUSTRIES LTD. was last trading in BSE at Rs.2314.65 as compared to the previous close of Rs. 2161.25. The total number of shares traded during the day was 2449702 in over 98665 trades.

The stock hit an intraday high of Rs. 2343.9 and intraday low of 2176.15. The net turnover during the day was Rs. 5580139024.

Shares of ALOK INDUSTRIES LTD. was last trading in BSE at Rs.28.8 as compared to the previous close of Rs. 27.45. The total number of shares traded during the day was 953918 in over 1189 trades.

The stock hit an intraday high of Rs. 28.8 and intraday low of 28.8. The net turnover during the day was Rs. 27472838.

Source : Equity Bulls

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