Alok Industries rises on plan to raise Rs 2,000 crore by selling land, retail chain

20 Nov 2014

Alok Industries is currently trading at Rs 11.60, up by 0.45 points or 4.04% from its previous closing of Rs 11.15 on the BSE.

The scrip opened at Rs 11.30 and has touched a high and low of Rs 11.77 and Rs 11.30 respectively. So far 1647276 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs. 16.32 on 11-Jun-2014 and a 52 week low of Rs. 5.80 on 26-Mar-2014.

Last one week high and low of the scrip stood at Rs 12.08 and Rs. 11.11 respectively. The current market cap of the company is Rs 1594.93 crore.

The promoters holding in the company stood at 39.33% while Institutions and Non-Institutions held 13.27% and 47.40% respectively.

Alok Industries is reportedly planning to raise Rs 2,000 crore in the coming two years by selling UK retail chain, Store 21 and land in Mumbai, Vapi and Silvassa.

The textile major will sell its land in the next six months and is expected to raise at least Rs 300 crore from this sale. Moreover, the company is also looking for a buyer for its UK retail chain, Store 21, and has appointed investment bankers for the same. At the moment, the company’s focus is on selling all its non-core assets.

Currently, the company is in a consolidation phase and will not expand for at least the next three to four years.

Alok Industries evolved from a small trading business into India’s largest integrated textiles player. It is present across various verticals of the textile value chain - from yarn manufacturing to garmenting.

Related Alok Industries Ltd. Links:

Alok Inds Share Price

47.75 0.00 (0.00%) Jul 08, 18:01
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Sensex vs Alok Inds
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323
Research Analyst - INH000000719

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