The announcement was made after market hours on Friday, 16 March 2012.

Meanwhile, the BSE Sensex was down 3.51 points, or 0.02%, to 17,462.69.

On BSE, 1.99 lakh shares were traded in the counter as against an average daily volume of 16.27 lakh shares in the past one quarter.

The stock hit a high of Rs 20.60 and a low of Rs 19.80 so far during the day. The stock had hit a 52-week high of Rs 28.50 on 14 June 2011. The stock had hit a 52-week low of Rs 15.60 on 19 August 2011.

The stock had underperformed the market over the past one month until 16 March 2012, falling 9.93% compared with the Sensex's 3.79% fall. The scrip had, however, underperformed the market in past one quarter, rising 3.91% as against 12.75% rise in the Sensex.

The mid-cap company has an equity capital of Rs 826.27 crore. Face value per share is Rs 10.

Alok Industries said its board would consider various options for raising funds including qualified institutional placements/global depository receipts/American depository receipts/foreign currency convertible bonds/any securities compulsorily convertible into equity shares.

Alok Industries reported net loss of Rs 36.58 crore in Q3 December 2011, compared with net profit of Rs 89.76 crore in Q3 December 2010. Net sales rose 48.4% to Rs 2386.65 crore in Q3 December 2011 over Q3 December 2010.

Alok Industries is a vertically integrated textiles solutions provider in India. The company is a diversified manufacturer of world-class home textiles, apparel fabrics, garments and polyester yarns.