Ashok Leyland increases stake in HLFL by 3.36 per cent

Indian automobile company, Ashok Leyland Ltd announced that it has acquired 1.57 crore shares, constituting 3.36 per cent stake of Hinduja Leyland Finance.

In a BSE filing made on Thursday after the market hours, the company informed that it has in tranches, acquired 1.57 crore shares of Rs 10 each, constituting 3.36 per cent of the paid-up equity share capital of Hinduja Leyland Finance Limited (HLFL), which is a subsidiary of the company. Post this acquisition, the company’s shareholding in HLFL now stands at 68.81 per cent from 65.45 per cent. The company added that this acquisition is a part of 6.99 per cent acquisition approved by the company’s board in a meeting held on March 21, 2020. Meanwhile, the cost of acquisition was done at a price of Rs 119 per equity share.

Headquartered in Chennai and a flagship company of Hinduja Group, Ashok Leyland was founded in 1948 and is the second-largest commercial vehicle manufacturer in India. Besides, it is also the fourth-largest manufacturer of buses in the world and tenth-largest manufacturer of trucks globally.

At the time of market closing on Friday, the stock of Ashok Leyland Ltd was trading at Rs 44.95, down by 3.75 per cent against its previous close of Rs 46.70. Its 52-week high is recorded at Rs 94.90 while, its 52-week low is Rs 33.70 on BSE.