Textile firm Alok Industries today said it has raised Rs 460 crore through placement of shares with qualified institutional buyers.
In a filing to the National Stock Exchange, the company said the board yesterday declared closure of the private placement offer and approved to allot shares at Rs 23.32 a piece, raising Rs 460 crore through the issue.
The company had come out with the issue to raise Rs 350 crore, with an option to raise further Rs 110 crore if the issue is fully subscribed, totalling to Rs 460 crore.
However, the company did not give the number of shares alloted to the investors.
The company operates in weaving, knitting, processing, home textiles and garments.
The company has recently entered the domestic retail segment through a wholly-owned subsidiary, Alok Retail India, with a chain of stores named 'H&A' that offer garments and home textiles at attractive price points, according to the company's website.
It has also ventured into the realty space through wholly-owned subsidiaries with investments in some prestigious projects in Mumbai.
