On conversion of debtReliance Industries announced that in accordance with the resolution plan, jointly submitted by Reliance Industries and JM Financial Asset Reconstruction Company acting in its capacity as a Trustee of JMFARCMarch 2018 V Trust- (JMFARC) and approved by National Company Law Tribunal, Ahmedabad Bench, vide its order dated 08 March 2019, under Section 31 of the Insolvency and Bankruptcy Code, 2016, Alok Industries (ALOK) has allotted:
h- 115,32,00,000 equity shares of the face value of Re. 1/- (Rupee One only) each, fully paid up, to RIL, pursuant to conversion of debt;
- 160,14,00,000 equity shares of the face value of Re. 1/- (Rupee One only) each, fully paid up, to JMFARC, pursuant to conversion of debt.
Pursuant to the aforesaid allotment, holding of RIL and JMFARC in the equity share capital of ALOK has increased to 40.01% and 34.99% respectively.
Since ALOK is an associate company of RIL, the said acquisition by RIL in ALOK falls under related party transaction. None of RIL's promoter / promoter group / group companies have any interest in the transaction.
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