Alok Industries gains on getting approval for scheme of arrangement

17 Jan 2014

Alok Industries is currently trading at Rs. 8.16, up by 0.03 points or 0.37 % from its previous closing of Rs. 8.13 on the BSE.

The scrip opened at Rs. 8.16 and has touched a high and low of Rs. 8.26 and Rs. 8.07 respectively. So far 128306 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 11.79 on 17-Jan-2013 and a 52 week low of Rs. 5.87 on 13-Aug-2013.

Last one week high and low of the scrip stood at Rs. 8.56 and Rs. 8.10 respectively. The current market cap of the company is Rs. 1122.35 crore.

The promoters holding in the company stood at 38.66% while Institutions and Non-Institutions held 13.57% and 47.77% respectively.

Alok Industries’ board of Directors has approved the Scheme of Arrangement between Alok Infrastructure, a wholly owned subsidiary of the Company (Alok Infra) and the Company and its Shareholders u/s Section 391 to 394 of the Companies Act, 1956 through circular resolution on  December 31, 2013.

The company’s board had approved the above proposal on December 31, 2013 through circulation, whereas the same was approved on December 30, 2013.

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. Alok’s production facilities are at 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.

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SEBI Registered: Investment Adviser - INA000013323
Research Analyst - INH000000719

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