Date:20/07/2004 URL: http://www.thehindubusinessline.com/2004/07/20/stories/2004072001990300.htm

Back Alok issues FCCBs worth $28.875 m

Our Bureau

Mumbai , July 19

ALOK Industries Ltd, a new generation player in the home textiles, apparel fabrics and garments sector, has wrapped up its issue of foreign currency convertible bonds (FCCBs) worth $28.875 million (about Rs 133 crore). The bonds are unsecured and fully and compulsorily convertible with relation to prevailing market price.

The company registered a turnover of Rs 1,066 crore in the last fiscal against Rs 795 crore the previous fiscal, while net profit touched Rs 62.70 crore, against Rs 42.31 crore in the previous fiscal. "Despite a not altogether optimistic market, we are fortunate to have amongst the allottees some of the leading institutional investors," said Mr Nimish Shah, Managing Director of Fortune Financial Services Ltd, which was the financial adviser to the issue.