Ashok Leyland sold shares of IndusInd Bank for Rs 149 cr

Commercial vehicles major sold 31.25 lakh shares an average price of Rs 476.82, aggregating the transaction size to Rs 149 crore

Commercial vehicles major Ashok Leyland today offloaded 31.25 lakh shares of private sector lender IndusInd Bank for an estimated Rs 149 crore through the open market route.

According to bulk deal information with the BSE, Ashok Leyland sold the shares of the bank for an average price of Rs 476.82, aggregating the transaction size to Rs 149 crore.

At the end of quarter ending December 2013, Hinduja group firm Ashok Leyland held little over 1 crore shares of IndusInd Bank representing 1.92 per cent stake in the entity.

Separately, Credo India Thematic Fund acquired 12.50 lakh shares of IndusInd Bank in a transaction worth Rs 58.48 crore. These shares were purchased from Ashok Leyland.

Meanwhile, IDL Speciality Chemicals bought 2.50 lakh shares of IndusInd Bank from Grant Investrade for Rs 11.72 crore on the NSE.

For the December-quarter, IDL Speciality Chemicals held 91.48 lakh shares of IndusInd bank amounting to 1.74 per cent shareholding in the bank.

IndusInd Bank, among the first new generation private sector banks that obtained a licence in 1994, was conceptualised by Srichand P Hinduja, Hinduja Group chairman.

In a separate transaction, Jammu & Kashmir Bank today sold 70,000 shares of Vijay Mallya owned UB group company McDowell Holdings Ltd for Rs 22.68 lakh.

McDowell shares were offloaded on an average price of Rs 32.4 apiece, bulk deal data with bourses showed.

On the BSE, shares of IndusInd Bank rose 3.14 per cent, to settle the day at Rs 482.55 apiece, while the scrip of McDowell ended the day at Rs 33.15 apiece, down 1.78 per cent.