Alok Industries to raise Rs 3,300 crore via NCD issue to RIL
Alok Industries will raise Rs 3,300 crore through the issue of Non-Convertible Redeemable Preference Shares (NCRPS) to its parent company Reliance Industries, the company said in an exchange filing on Tuesday.
Alok Industries was acquired by Reliance Industries and JM Financial ARC in 2019 under the corporate insolvency resolution process.
In a regulatory filing, Alok Industries said, «The company is issuing Rs 3,300 crore NCRPS of Re 1 each in one or more tranches on a private placement basis to Reliance Industries.»
The company added that NCRPS will have a dividend of 9 percent per annum on a cumulative basis and is “redeemable at par at any time at the option of the Company within a period not exceeding 20 years from the date of allotment”.
In its July-September quarterly earnings, Alok Industries' revenue from operations fell 19.99% from the previous year to Rs 1,359.02 crore. Its loss narrowed from Rs 191.5 crore last year to Rs 174.83 in the quarter.
