On Thursday, it was announced by Alok Industries that its board will hold a meeting on 3rd January with the aim to increase the size of the proposed rights issue of Rs 300 crore.  

“There was a need and that is why we decided to increase the rights’ issue size. The present market situation is not good and we did not want to raise funds (in such times). Moreover, we found good interests from our investors for our issue,” informed Dilip Jiwrajka, managing director, Alok Industries.

However, when he was questioned whether the company was facing non-payment from its clients or any shortfall from other fund sources, he denied of having any such case. The clients of the India based Alok Industries include global retailers such as Wal-Mart and Target.

“We are expanding the rights issue size to around Rs 450 crore as we have got good response from investors and are confident about the next two-three years horizon,” informed Sunil Khandelwal, chief financial officer of the company.

The capacities by the company are being expanded and modernized in four phases. The company aims to be among the top players in each of its sphere of operations, after the last phase, which is expected to be completed by March this year.