Shares of Alok Industries were trading in the green and 4% higher on 7 December after the company announced entering into a facility agreement with the State Bank of India for a term loan.

In its regulatory filing, the company said that they have entered into a facility agreement with SBI for a term loan of Rs 1,750 crore for the repayment of existing loans from banks as a part of financial restructuring.

The company has also signed an agreement with SBI for Rs 90 crore to meet its working capital requirements.

In its quarterly report for July-September, the company reported a 19.99% year-on-year (YoY) decline in its net sales to Rs 1,359.02 crore during the quarter from Rs 1,698.58 crore reported in the same quarter last year.

The company reported an 8.7% YoY decline in its net loss to Rs 174.83 crore during the quarter from Rs 191.50 crore net loss reported in the same quarter during the previous fiscal year.

At 11:51 am, the shares of Alok Industries were trading 3.96% higher at Rs 21 on NSE.