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Alok industries gains 5% on fund raising plan

Alok industries gains after the company decides to raise Rs 2,000 crore by selling its Store 21, and land in Mumbai, Vapi and Silvassa.

SI Reporter  |  Mumbai 

Alok industries is up 5% and is quoting at Rs 12 on the BSE after the company decides to raise Rs 2,000 crore in the next two years by selling its Store 21, and well as land in Mumbai, Vapi and Silvassa.

The textile major plans to sell its land here in the next six months and hopes to raise at least Rs 300 crore from this sale.

"We are looking for a buyer for our UK retail chain, Store 21, and have appointed investment bankers for this. At the moment, our focus is selling all our non-core assets. Currently, we are in a consolidation phase and will not expand for at least the next three to four years," said Chief Financial Officer Sunil Khandelwal.

The company started shutting its India retail venture, H&A, two years ago.

It is focusing on reducing its debt, which stands at Rs 20,000 crore on a consolidated level; standalone debt stands at Rs 16,000 crore.

The stock opened at Rs 11, touched a high of Rs 12 and a low of Rs 11 on the BSE. A total of 4,498,158 shares have changed hands on the BSE so far.

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First Published: Thu, November 20 2014. 13:08 IST