Ashok Leyland acquires 3.36% 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 per cent of the equity of its subsidiary Hinduja Leyland Finance Ltd (HLFL).

The cost of acquisition was done at a price of Rs 119 per equity share. The proposed acquisition of equity shares of HLFL is at arm's length basis.

The acquisition is part of the 6.99 per cent 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 65.45 per cent to 68.81 per cent, Ashok Leyland said in regulatory filings at stock exchanges.

The acquisition was proposed to be completed in tranches on or before July 31. With the acquisition of 3.36 per cent, the process approved by the board is now completed fully.