Textile firm Alok Industries has said that it will raise Rs 4.5 billion through issues of rights. In a disclosure to Bombay Stock Exchange, Alok Industries informed that the board of directors has approved to increase the size of the proposed rights issue to Rs 4. 5 billion from Rs 3 billion.
Earlier in October 2008, the board of the directors of the company had approved a rights issue of equity shares or convertible instruments up to Rs 3 billion.
Alok Industries is a diversified manufacturer of home textiles, apparel fabrics, garments and polyester yarns selling directly to manufacturers, exporters, importers, retailers and brands across the world. The company made its foray into retail through textile chain H&A, which offers a range of products including apparels for both men and women, embroidered fabrics and bed and bath accessories.
— IndiaRetailing Bureau