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Multibagger penny stock: Alok Industries shares have been touching a new 52-week high for the last five sessions after news of Reliance Industries funding became public ....
"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. ....
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. ....
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." ....
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