Ashok Leyland Ltd to acquire balance 38% in Hinduja Tech Ltd

Ashok Leyland Ltd has entered into a Share Purchase Agreement with Nissan International Holding BV to acquire 58,500,000 shares for a total consideration of Rs.70,20,00,000/- constituting 38% in the paid-up share capital of Hinduja Tech Limited ("HTL"). Consequent to the aforesaid acquisition, HTL will become a wholly owned subsidiary of the Company.

The Company owns 62% in the paid-up share capital of HTL and the remaining is held by Nissan International Holding B.V. The Company proposes to acquire 58,500,000 shares held by Nissan International Holding B.V to make it as a wholly owned subsidiary of the Company.

HTL is engaged in the business of IT & ITeS industry.

Shares of ASHOK LEYLAND LTD. was last trading in BSE at Rs.127.05 as compared to the previous close of Rs. 125.85. The total number of shares traded during the day was 2816664 in over 26265 trades.

The stock hit an intraday high of Rs. 132 and intraday low of 118.55. The net turnover during the day was Rs. 358986657.

Source : Equity Bulls

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