Ashok Leyland sells Rs 299 crore worth shares in IndusInd Bank

The company has earlier announced its plans to exit from non-core business and has sold shares in the Bank

Commercial Vehicle major Ashok Leyland Ltd has sold shares worth Rs 299 crore in IndusInd Bank Ltd today. The company has earlier announced its plans to exit its the non-core business and it has sold 18 lakh shares in IndusInd Bank in September 2015.

According to the balancesheet of Ashok Leyland on March 31, 2015 the company held 50,63,923 shares in IndusInd Bank. Of this, the company sold 18 lakh shares in 2015 and the remaining stake of the company, according to this, in the Bank was of 32,63,923 equity shares.

As per the bulk deal data from the National Stock Exchange, Ashok Leyland has sold 32,63,923 equity shares in IndusInd Bank for Rs 915.96 per share, for an aggregate value of Rs 298.96 crore.

The previouis sales of shares, in September 2015 has fetched the company around Rs 165.37 crore, as per earlier reports.

The commercial vehicle major has been selling its non-core assets to bring down its debt level. Earlier it sold its US-based Defiance Testing & Engineering, sold some of the lands in Chennai and looking to exit, partially or fully from Albonair.

It also divested its stake of 48.5% ownership in Ashok Leyland Wind Energy Limited (ALWEL) as part of sale of non-core assets of the Company.

Company made a profit of Rs 301.33 crore by selling its shares in IndusInd Bank Ltd during the year ended March 31, 2015.

IndusInd Bank was among the first new generation private sector banks that obtained a license in 1994. The Bank was conceptualised by Srichand P Hinduja, Chairman of the Hinduja Group, which also owns Ashok Leyland.