The board of Alok Industries has decided to issue and allot 98,00,000 equity shares of the face value of Rs 10 each for cash at a premium of Rs 92 per share to Jiwrajka Associates, a part of the promoter group, as an outcome of exercise of option for conversion by the warrant holder of 98,00,000 warrants allotted on a preferential basis on 26 February 2008.
By virtue of the above referred preferential allotment of equity shares to the promoter group, the paid up equity share capital of the company has increased from 18,71,74,969 equity shares of the face value of Rs 10 each to 19,69,74,969 equity shares of the face value of Rs 10 each.
Further, the board has decided to hive-off its retail business to the company's wholly subsidiary company viz. Alok Homes & Apparels.
This was decided at the board meeting held on 28 April 2008.
By virtue of the above referred preferential allotment of equity shares to the promoter group, the paid up equity share capital of the company has increased from 18,71,74,969 equity shares of the face value of Rs 10 each to 19,69,74,969 equity shares of the face value of Rs 10 each.
Further, the board has decided to hive-off its retail business to the company's wholly subsidiary company viz. Alok Homes & Apparels.
This was decided at the board meeting held on 28 April 2008.
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