Ashok Leyland acquires 3.62 pc stake in Hinduja Leyland Finance

Ashok Leyland said on Wednesday it has acquired 1.7 crore shares of Rs 10 each constituting 3.62 per cent of the paid-up equity share capital of Hinduja Leyland Finance Ltd (HLFL).

Ashok Leyland said on Wednesday it has acquired 1.7 crore shares of Rs 10 each constituting 3.62 per cent of the paid-up equity share capital of Hinduja Leyland Finance Ltd (HLFL). HLFL, a non-banking finance company, is a subsidiary of Ashok Leyland.

"Consequent to the aforesaid acquisition, the company's shareholding in HLFL stands increased from 61.83 per cent to 65.45 per cent," it said in a statement. "The aforesaid acquisition is part of the 6.99 per cent acquisition approved by the board of directors at a meeting held on March 21," it added.

In the financial year ended March 31, 2019, HLFL had a revenue of Rs 2,560.64 crore. Ashok Leyland is the flagship company of Hinduja Group and India's largest commercial vehicle manufacturer. It recently became the third-largest bus maker in the world.

(ANI)