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Alok Industries rakes up buyers interest

Apart from strategic investors, JM Financial and Edelweiss are also understood to have shown interest in Alok Industries. The Ahmedabad bench of the NCLT had admitted Alok Industries for insolvency proceedings in July this year based on the petition by State Bank of India, which is trying to recover Rs 3,772 crores from the firm.

Alok Industries had a total debt of Rs 23,443 crores on its books as on March 2017. The company’s enterprise value stands at Rs 23,677 crores. As of September this year, the promoter shareholding in the firm stood at 28.82 per cent of which 20.75 per cent was held by Alok Knit Exports.

The company is listed on the BSE and the NSE. Shares of the company closed at Rs 4.41 on the BSE on Friday with market capitalisation of Rs 607.40 crores. The company created large capacities through debt funding to cater to global demand, but with the slowdown in international markets, it was hit badly.

 
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