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Alok Industries gains on Rs 1,750-crore facility agreements with SBI

Alok Industries has also signed agreements with SBI for working capital facility of Rs 90 crore for meeting working capital requirements.

December 07, 2023 / 10:02 IST
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In Q2FY24, Alok Industries reported net sales at Rs 1,359.02 crore, a 19.99 percent drop from Rs. 1,698.58 crore in September 2022.

Shares of Alok Industries gained 1.24 percent in early trades on the NSE on December 7, a day after it announced that it would be entering into facility agreements with State Bank of India for a term loan. As of 9:50am, the stock was trading at Rs 20.45.

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As per a regulatory filing, Alok Industries has entered into facility agreements with SBI for a term loan of Rs 1,750 crore for repayment of existing loans from banks as a part of financial restructuring. It also signed agreements with SBI for working capital facility of Rs 90 crore for meeting its working capital requirements.

Also read: Alok Industries Consolidated September 2023 Net Sales at Rs 1,359.02 crore, down 19.99% YoY