Ashok Leyland sells shares worth Rs 75 cr in IndusInd Bank

CPCI Mauritius acquires the shares

Hinduja Group flagship company Ashok Leyland on Tuesday sold 18,00,000 equity shares in IndusInd Bank worth around Rs 75 crore.

The shares were acquired by CPCI Mauritius for the same amount, according to block deal data of Bombay Stock Exchange.

According to the details, Ashok Leyland sold 18,00,000 equity shares for Rs 417 per share. As per the shareholding pattern as on September 30, 2013, Ashok Leyland had 1,30,13,923 equity shares in IndusInd Bank, which is around 2.48% of the total share of the Bank.

In March this year, Ashok Leyland had offloaded 50 lakh shares of IndusInd Bank in a transaction worth more than Rs 216 crore. This was part of the company's announced plans to partially or wholly divest its stakes in various institutions, including IndusInd Bank, which would help the company reduce its debt and focus on the core business.

The shares at that time were bought by Afrin Dia, a foreign institutional investor, again based in Mauritius, who had 79 lakh shares or 1.51% stake in the bank, as on December 31, 2012.

Ashok Leyland had also revealed plans earlier to dilute shares in other companies, including Hinduja Leyland Finance (HFL), Defiance Technologies and Defiance Testing. Of this, it has sold Defiance Testing to testing, calibration and advisory service provider Exova, which has operations in US, Europe and other parts.

Earlier, Ashok Leyland diluted its stake in IBL and in ICICI and booked a profit of around Rs 75-76 crore during the current fiscal.