Alok Industries allots more shares to RIL, JM Financial ARC
Alok Industries has allotted more shares to Reliance Industries Ltd (RIL) and JM Financial Asset Reconstruction Company Ltd (JMFARC).
In a regulatory filing, RIL said that post the allotment, holding of RIL and JMFARC in the equity share capital of Alok Industries has increased to 40.01 per cent and 34.99 per cent, respectively.
Alok Industries allocated more shares in accordance with the joint resolution plan of RIL and JM Financial Asset Reconstruction Company Limited acting in its capacity as a Trustee of a JMFARCMarch 2018 – Trust’ (JMFARC).
It has allotted 115.32 crore equity shares of the face value of Re 1 each, fully paid up, to RIL, pursuant to conversion of debt and 160.14 crore equity shares of the face value of Re 1 each, fully paid up, to JMFARC, pursuant to conversion of debt, said the filing.
As per the RIL filing, no further governmental or regulatory approvals were required for the additional acquisition of shares.
In February, RIL acquired 37.7 per cent stake in the debt-ridden Alok Industries Ltd for Rs 250 crore after the Ahmedabad bench of the National Company Law Tribunal (NCLT) had last year approved its joint acquisition proposal with JMFARC.