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Mumbai-based textile company signs deal with Asia Bridge Fund

01
Feb '10
Alok Industries Ltd has informed that the Board of Directors of the Company at its meeting held on January 29, 2010, inter alia, has considered and approved the following:

1. Issue of further shares / convertible instruments upto an amount of Rs. 460 crores;

2. Increase in Authorised Capital from Rs. 650 crores to Rs. 900 crores;

3. Shifting of Registered Office of the Company from Mumbai to Silvassa;

4. Appointment of M/s. Deloitte Haskins & Sells as joint Statutory Auditors for the financial year 2010-11.

5. Consequent changes in the Capital and Registered Office Clauses of Memorandum and Articles of Association of the Company;

6. Increase in Borrowing Power from Rs. 7500 to Rs. 9000 crores as per section 293(1)(d) of the Companies Act, 1956;

7. To create charge on the assets of the Company as security for the enhanced borrowings as per section 293(1)(a) of the Companies Act, 1956;

8. To authorise Company Secretary to seek members' approval by way of postal ballot or to call for a general meeting for above proposals;

9. The new garment Unit at the New City of Bombay Mfg. Mills Ltd., the Company's joint venture project with National Textile Corporation has been inaugurated;

10. The Company has signed a private equity deal for Rs. 45 crores with Asiabridge Fund I, LLC for its subsidiary Company Alok H&A Ltd. which is engaged in the 'Cash & Carry' business model for apparel and home textile across India;

11. Work on the real estate investments made by the Company (through subsidiary Companies), viz. Peninsula Business Park (Commercial), Ashford Centre (Commercial) and Ashford Apex (Nahur Residential) is progressing satisfactorily. In line with the Company's stated objective of exiting the real estate business, one floor in Peninsula Business Park has already been sold.

Alok Industries Ltd


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