Hinduja group flagship firm Ashok Leyland Wednesday said it has acquired 27.25 per cent additional stake in Ashley Aviation Ltd (AAL), raising its shareholding in the firm to 76.25 per cent.
The company has acquired 10,89,985 shares of Rs 10 each constituting 27.25 per cent in the paid-up share capital of AAL at a price of Rs 5.10 per share, Ashok Leyland said in a regulatory filing.
The Chennai-based firm said it has acquired the shares for Rs 55.59 lakh.
Consequent to this, the company’s shareholding in AAL has increased from 49 per cent to 76.25 per cent, it added.
“The company has also obtained the approval of the Ministry of Civil Aviation in this regard,” Ashok Leyland said.
AAL is in the aviation sector.
Shares of Ashok Leyland Wednesday ended 2.44 per cent down to Rs 100.05 apiece on the BSE.
Source: Business-Standard