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| Exchange Disseminated Time | Alok Industries Ltd has informed BSE that the Company have been informed by its lead bank, State Bank of India (SBI), Backbay Reclamation Branch, Nariman Point, Mumbai 400 021 vide their letter dated January 18, 2016 that as decided by the Joint Lenders' Forum (JLF) at their meetings held on November 23, 2015 and December 11, 2015, Strategic Debt Restructuring (SDR) has been invoked on the Company with the reference date being November 27, 2015. Further, at its meeting held on January 16, 2016, it has been further decided that the JLF will acquire up to 65% stake in the company by converting its debt into equity as under:
Number of fresh equity shares: 255,78,76,091
Amount: Rs. 2557,87,60,910.00
The Company have been requested to pass necessary resolutions to ensure issuance of equity shares under the SDR mechanism before March 31, 2016. A copy of the aforesaid letter issued by SBI is readily enclosed for benefit. The company propose to have the approval of its Board of Directors on this matter this week. |
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