Sintex Industries has allotted shares worth ₹600 crore to Reliance Industries, which along with Assets Care & Reconstruction Enterprise was the successful resolution applicant for the yarns and fabrics maker. The company has also issued optionally fully convertible debentures worth ₹900 crore to RIL, an exchange filing said.
Around 60 crore shares that were issued prior to the approval of the resolution plan, have been canceled.
RIL now holds 70 percent stake of Sintex Industries, which will be jointly controlled and managed by RIL and ACRE.
The turnover of SIL for FY2022, FY 2021, FY 2020 was ₹3,127 crore, ₹1,689 crore and ₹1,635 crore, respectively.
The acquisition of SIL will help expand the textile business portfolio of Reliance Industries.