Small Cap Stock Zooms 52.09% In 1-Week After RIL’s 3,300-Cr Fund Infusion

Small cap company operating in textile sector Alok Industries shares soared 52.09% in just last 1-week on BSE after its promoter Reliance Industries infused Rs 3,300 crore by subscribing to preference shares issued by the company. Last trading price of Alok Industries share on BSE is Rs 32.44 apiece with intraday gain of 19.53%. Alok Industries shares 93% in last 6-months. The company has a market capitalisation of Rs 16,107.24 crore. It is worth noting here that a large chunk of the funds raise will be utilized by Alok Industries to pay its debt. Check details below:

Fund Infusion: According to the BSE filing of the company dated January 2, 2024, "Further to our disclosure dated November 07, 2023, we wish to inform you that upon receipt of subscription money of Rs. 3,300,00,00,000/- (Rupees Three Thousand Three Hundred Crore Only) from Reliance Industries Limited, the Company has today, at around 2.00 p.m., allotted to Reliance Industries Limited 3,300,00,00,000 9% Non-Convertible Redeemable Preference Shares of Re.1/- each for cash at par aggregating Rs. 3,300,00,00,000/- (Rupees Three Thousand Three Hundred Crore Only), on the terms and conditions as approved by the shareholders of the Company vide special resolution passed on December 23, 2023."

Alok Industries Stock Performance & Return: The 52-week high price of Alok Industries share on BSE is quoted at Rs 32.44 per share and 52-week low price is Rs 10.07 per share, respectively. Alok Industries shares gained 63% in last 1-month, rallied 109% in last 1-year, and offered return of 32% in last 2-years. In last 3-years, Alok Industries stock surged 42%. Alok Industries shares offered return of 725% in last 5-years. Alok Industries shares hit 20% upper circuit in trade today and new 52-week high as well. Alok Industries stock also witnessed spurt in volume by more than 4.80 times.

Alok Industries About: Alok Industries Limited founded in 1986. It is a diversified and integrated manufacturer of apparel fabrics (woven and knits), home textiles (bed & bath), cotton & polyester yarns and garments. With headquarters in Mumbai, Alok Industries has well equipped and vast manufacturing facilities in Silvassa and Vapi. AIL offers a wide range of high quality textile products to respected brands, retailers and manufacturers in India and across the globe, according to its LinkedIn page.

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