Alok Industries surges on entering into facility agreements with Axis Bank
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Alok Industries is currently trading at Rs. 19.26, up by 0.38 points or 2.01% from its previous closing of Rs. 18.88 on the BSE.
The scrip opened at Rs. 18.86 and has touched a high and low of Rs. 19.35 and Rs. 18.63 respectively. So far 1367067 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 22.33 on 08-Sep-2023 and a 52 week low of Rs. 10.07 on 22-Feb-2023.
Last one week high and low of the scrip stood at Rs. 19.90 and Rs. 17.17 respectively. The current market cap of the company is Rs. 9563.05 crore.
The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 2.50% and 22.50% respectively.
Alok Industries has entered into facility agreements with Axis Bank for availing a term loan of Rs 1750 crore for the purpose of repayment of existing term loans from banks as a part of financial restructuring; and working capital facility of Rs 100 crore for the purpose of meeting working capital requirements of the company.
The term loan to be availed by the company will be secured by first ranking pari-passu charge over the moveable fixed assets (present and future) of the Company and first ranking pari-passu charge over the immoveable properties of the company and its subsidiary, viz., Alok Infrastructure. The facility agreements were executed by the company on November 10, 2023.
Alok Industries is engaged in business of yarn, weaving, knitting, processing, home textiles, apparel fabrics, garments and readymade garments.
