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Alok Industries announced that in terms of provision of the resolution plan approved by the NCLT, Ahmedabad Bench, the company has allotted 115,32,00,000 equity shares of the face value of Re.1 each arising out of conversion of debt to equity to Reliance Industries; allotted 160,14,00,000 equity shares of the face value of Re.1 each arising out of conversion of debt to equity to JM Financial Asset Reconstruction Company (acting in its capacity as Trustee of JMFARCMarch 2018 – Trust); and reduced capital by cancellation and extinguishment of 10,827 equity shares of the face value of Re.1 held by the Promoters of the Company.
Pursuant to allotment of further equity shares and cancellation and reduction of capital as aforesaid, the issued, subscribed and paid up equity share capital of the Company is Rs. 496,52,40,401 consisting of 496,52,40,401 equity shares of Re.1/- each fully paid.
Consequent to the allotment of equity shares, the Resolution Applicants hold 75% of the issued and paid up equity share capital of the company and after the reduction of capital, subsequent to the approval of the Exchanges, the equity share holding of the Resolution Applicants shall remain the same.
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