In the meeting held on 18.3.2020, the Board had approved that Ashok Leyland Ltd may acquire up to 19% of equity shares in Hinduja Leyland Finance Limited (HLFL) from existing shareholders in HLFL in tranches for a consideration not exceeding Rs.1200 Crs. subject to such approvals may be necessary. Ashok Leyland/AL considers HLFL a very significant subsidiary for financing its vehicles like all OEMs in the automotive sector. The Board continues to believe that the proposal to raise the shareholding in HLFL was consistent with the philosophy to prevent any future dilution based on HLFL's growth plans. However, in a meeting held today, the Board of AL, after considering the feedback on the proposal from minority stakeholders, decided to restrict the acquisition of shares by AL to 6.99% of the paid-up capital of HLFL at a price of Rs.119/- per share aggregating to Rs.390.49 Crores from Everfin Holdings and Hinduja Group.
Shares of ASHOK LEYLAND LTD. was last trading in BSE at Rs.43.9 as compared to the previous close of Rs. 48.1. The total number of shares traded during the day was 3617706 in over 15590 trades.
The stock hit an intraday high of Rs. 49.7 and intraday low of 41.1. The net turnover during the day was Rs. 158360299.