Ashok Leyland Ltd fixes Rs. 34.30 as floor price for QIP

Subsequent to the approval accorded by the Board of Directors of Ashok Leyland Ltd, at its meeting held on May 10, 2013 and the approval of the shareholders of the Company by way of special resolution dated July 16, 2013 for the QIP, the Fund Raising Committee of the Company on June 26, 2014, has passed resolutions in connection with the QIP issue.

The fund raising committee has approved authorising the opening of the QIP on June 26, 2014 and approving and adopting the preliminary placement document dated June 26, 2014 in connection with the QIP, (the "Preliminary Placement Document"). Further, the Company has filed the preliminary placement document dated June 26, 2014 with stock exchange.

The committee also gav its approval of the floor price for the QIP.

The 'Relevant Date' for this purpose, in terms of Regulation 81(c)(i) of the SEBI Regulations, is June 26, 2014 and accordingly the floor price in respect of the aforesaid QIP, based on the pricing formula as prescribed under Regulation 85(1) of the SEBI Regulations is Rs. 34.30 per Equity Share.

Shares of ASHOK LEYLAND LTD. was last trading in BSE at Rs.37.9 as compared to the previous close of Rs. 38.1. The total number of shares traded during the day was 4899361 in over 15828 trades.

The stock hit an intraday high of Rs. 39 and intraday low of 37.55. The net turnover during the day was Rs. 188103810.

Source : Equity Bulls

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