Ashok Leyland acquires 3.36pc share in subsidiary Hinduja Leyland Finance
Hinduja Group flagship Ashok Leyland Ltd has acquired 1.57 crore shares of Rs 10 each constituting 3.36 percent of the equity of its subsidiary Hinduja Leyland finance Ltd(HLFL).
The cost of acquisition was done at a price of Rs 119per equity share.The proposed acquisition of equity shares of HLFL is at arm's length basis.
The acquisition is part of the 6.99pc acquisition approved by the board of directors at a meeting held on march 21.
With this,the shareholding of Ashok LEyland in the finance company has gone up from 65.45percent to 68.81pc, Ashok Leyland said in regulatory fillings at stock exchanges.
The acquistion was proposed to be completed in tranches on or before July 31.With the acquisition of 3.36pc,the process approved by the board is now completed fully.