Hinduja Group flagship Ashok Leyland Ltd has acquired 15,796,406 shares of Rs 10 each constituting 3.36 per cent of the equity of its subsidiary Hinduja Leyland Finance Ltd for Rs 187.97 crore.
The acquisition is part of the 6.99 per cent acquisition approved by the Board at the meeting held on March 21, 2020.
The acquisition, at arm’s length basis, was proposed to be completed in tranches on or before July 31, 2020, but has been completed fully now.
The shares were purchased at Rs 119 per equity share and the shareholding of Ashok Leyland in the finance company has gone up from 65.45 per cent to 68.81 per cent.
Source: Business-Standard