NIB, Warba, CBI And UAB raised funds for the Indian textile major
Alok International Middle East, a 100 per cent wholly owned subsidiary of Indian textile major Alok Industries Limited, has successfully closed a $150 million (Dh 550.5 million) syndicated Murabaha facility.
The facility marked the first such transaction that involved an Indian corporate availing financing under a syndicated Shariah compliant structure through its subsidiary in the UAE.
The facility has been structured under a commodity Murabaha transaction to provide liquidity to Alok and secured by export receivables. Noor Islamic Bank (NIB) and Warba Bank acted as the Mandated Lead Arrangers. The other participants in the facility included the Commercial Bank International (CBI) and United Arab Bank (UAB).
Noor Islamic Bank also acted as the bookrunner, structuring bank, documentation bank, investment agent and security agent. The disbursal took place on September 18, 2013.
Alok, with revenues over $2 billion, is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) in India.
© Emirates 24|7 2013
