You are here: Home » Markets » News
Business Standard

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.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

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