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Ashok Leyland sells stake worth Rs 299 crore in IndusInd Bank

Hinduja group flagship firm Ashok Leyland on Monday sold shares worth Rs 299 crore in IndusInd Bank through an open market transaction.

The private sector lender is also part of the Hinduja group.

Ashok Leyland sold 32,63,923 shares or 0.55 per cent stake in the bank through a bulk deal. The shares were offloaded at an average price of Rs 915.96, valuing the transaction at Rs 298.96 crore, as per the latest data available with NSE.

However, buyers of the stake could not be ascertained immediately.

Shares of IndusInd Bank on Monday closed at Rs 921 on NSE, down by 0.76 per cent. On the volume front, total 47,43,485 shares were traded on the exchange.

IndusInd Bank, among the first new generation private sector banks that obtained a licence in 1994, was conceptualised by Srichand P Hinduja, Hinduja group chairman.

Hinduja group is a major player in automotive manufacturing, financial services, banking, oil, media and Telecom, among others.