Alok Industries Ltd has informed that the Board of Directors of the Company at its meeting held on April 28, 2008, inter alia, has considered /decided / noted the following:
1. To issue and allot 98,00,000 equity shares of the face value of Rs 10/- each for cash at a premium of Rs 92/- per share, to Jiwrajka Associates Pvt Ltd, a part of the promoter group, as an outcome of exercise of option for conversion by the warrant holder of 98,00,000 Warrants allotted on a preferential basis on February 26, 2008. By virtue of the above referred Preferential allotment of equity shares to the Promoter Group, the paid up equity share capital of the Company has increased from 18,71,74,969 equity shares of the face value of Rs 10/- each to 19,69,74,969 equity shares of the face value of Rs 10/- each; and
2. Hive-off its retail business to the Companys wholly subsidiary Company viz. Alok Homes & Apparels Pvt Ltd.
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