Reliance Industries Ltd.

Reliance Industries (RIL) has acquired 37.7% stake in Alok Industries for Rs 250 crore. Alok Industries has allotted 83,33,33,333 equity shares of Rs 1 each at a premium of Rs 2 per equity share for cash at total consideration of Rs 250 crore to the company. Alok Industries has also allotted 250,00,00,000, 9% Optionally Convertible Preference Shares (OCPS) of Rs 1 each for cash at par, for a total consideration of Rs 250 crore to RIL.

In March 2019, Reliance and JM Financial Asset Reconstruction had jointly submitted bid for acquiring Alok Industries that was auctioned under the insolvency and bankruptcy law by lenders to recover their unpaid loans.

Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.