Rakesh Jhunjhunwala’s owned Rare Enterprises has purchased 50 lakh shares of Alok Industries at Rs 10.24 per share, on April 25, on the NSE. Alok Industries' two-for-three rights issue of shares opened on March 30 and will close on April 27.
Alok Industries is planning to raise Rs 551 crore from the issue. The money raised would help the company in reducing its high debt and save on interest expenses
Alok has evolved from a small trading business into India’s largest integrated textiles player. It is present across the textile value chain - from yarn manufacturing to garmenting. Alok’s production facilities are in Silvassa, Vapi and Navi Mumbai. The company also has a presence in the domestic retail segment and in real estate through a wholly-owned subsidiary
