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Multibagger penny stock: Reliance funding fuels rally in Alok Industries shares by 65% in five straight sessions

Alok Industries shares zoom 51% in four days post RIL investment

"The company has subscribed to 3300,00,00,000 9% non-convertible redeemable preference shares of Re 1/- each of Alok Industries, for cash at par, aggregating Rs 3,300 crore," RIL said in a filing. The acquisition of these preference shares is a related party transaction approved by shareholders of RIL and is on an arm s length basis.

alok industries share price: Alok Industries jumps 20% after RIL invests Rs 3,300 crore

RIL is a promoter and holds 40.01% of equity share capital of Alok Industries. The company was acquired by Reliance and JM Financial ARC in 2019 under the corporate insolvency resolution process.

Alok Industries to raise Rs 3,300 crore via NCD issue to RIL

In a regulatory filing, Alok Industries said, "the company is issuing Rs 3,300 crore NCRPS of Re 1 each in one or more tranches on a private placement basis to Reliance Industries."

Share Market Highlights 20 July 2023: Sensex jumps 470 pts, ends above 67,500; Nifty nears 20,000; ITC among top gainers

Share Market Highlights 20 July 2023: Sensex jumps 470 pts, ends above 67,500; Nifty nears 20,000; ITC among top gainers
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