Ashok Leyland promoters release pledged shares from HSBC

Hinduja Automotive Ltd, promoter of commercial vehicle major Ashok Leyland, has reduced its encumbered shares from 16.66 per cent of its total shareholding of 50.38 per cent, to 4.93 per cent, releasing over 330 million shares from HSBC.

According to a filing with the exchanges, the promoter firm has released 26,40,00,000 equity shares from HSBC on February 19, 2015, which accounts to 9.28 per cent of the total share capital. The encumbered shares before the release was 16.66 per cent of the total share capital. The post-event encumbered shares were 7.38 per cent of the total share capital.

In another filing, it informed that the promoter firm has released another 6,99,04,064 shares from HSBC on March 31, 2015. After release of the shares, the company has around 14,02,00,140 equity shares encumbered, which around 4.93 per cent of the total share capital.

The share price of Ashok Leyland was around Rs 70 on February 19 and Rs 73.55 on March 31, 2015. The promoter holding of Hinduja Automotive Ltd, according to the filing, is 1,43,38,47,039 equity shares, which is 50.38 per cent of the total share capital.