Reliance Industries acquired a 37.7% stake in t Alok Industries for Rs.250 crore. Reliance had jointly bid for Alok Industries along with JM Financial Asset Reconstruction Co. when it was auctioned under the insolvency and bankruptcy law by the institutions which gave loans to the company. This bid was approved by the Ahmedabad bench of the NCLT.
In addition to the above RIL was also allotted 250 crore optionally convertible preference shares at Rs.1, taking the overall consideration to Rs.500 crore. Now the total money infused is Rs.500/- crores. Reliance can shell the shares what it has acquired directly but not the additional shares which they got under preferential shares which will have 3 years lock-in period. The role of NCLT will be over once the money to the lenders paid back. But I don't think Reliance will sell it shares at this juncture as they are trying to acquire that industry.
Alok Industries has a product portfolio consisting of cotton yarn, apparel fabrics, bed linen, terry towels, embroidery, garments etc. For RIL, this gels perfectly with its aggressive retail plans. That is why the shares prices are going up.