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Shares of textiles manufacturer Alok Industries rallied almost 16 percent in trade on Friday, spiking for the 3rd time this week, after Reliance Industries invested ₹3,300 crore in the company.
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, a textile manufacturer, saw its shares jump 20% after Reliance Industries invested ₹3,300 crore in the company.
Peninsula Land and Delta Corp also plan to collaborate for developing commercial and residential projects in Mumbai and Goa by setting up a joint venture wherein Delta will be the majority partner and the company will be the development manager on an arm's length basis.
The consideration payable by the company for such purchase of 100 percent of the SMG's equity shares shall be discharged by way of issue and allotment of 1.23 crore equity shares.