INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Shares of Alok Industries climbed 5 per cent in Thursday's trade on reports that Reliance Industries is set to acquire the
company, two officials familiar with the development told ET.
JM Financial ARC had bid, in partnership with Reliance Industries, for Alok
Industries, making all cash offer in the range of 15-20 per cent of outstanding loan, they said.
Tracking the development, the stock hit a 5
4,200 crore while the offer is in the range of Rs 4,500-5,000 crore, the sources said
There is no equity upside for lenders under the proposal given by JM Financial ARC and Reliance.
Alok Industries has received claims of Rs
29,500 crore from lenders with State Bank of India being the lead bank
On Wednesday, the resolution professional had held a meeting of committee of creditors to vote for the resolution plan.
