Ashok Leyland sold shares worth Rs 165.37 cr in IndusInd Bank

Company sold 18 lakh shares in the open market

Ashok Leyland Limited has sold shares worth Rs 165.37 crore in lnduslnd Bank Limited. According to company's announcement Ashok Leyland sold 18 lakh shares of Rs 10 each held in IndusInd Bank Ltd in the open market during the period between September 25-29, 2015 at a net price of Rs 918.76 per share.

Ashok Leyland balance sheet shows as on March 31, 2015 the company held 50,63,923 shares in IndusInd Bank.

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