The board of truck and bus maker Ashok Leyland has approved a proposal for subdivision of its equity shares from the present face value of Rs 10 each into ten shares of Re one each. | |
| It has also approved convening of an extra-ordinary general meeting (EGM) on February 28 to seek shareholders' approval for a proposal to raise funds upto $100 million in the international market. |
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| The proposal for subdivision of equity shares would be subject to shareholders approval at the extraordinary general meeting, the company informed the Bombay Stock Exchange today. |
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| The Hinduja group flagship plans to raise the funds as foreign currency convertible borrowings or global depository receipts. |
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| The company had earlier said the money would be used to finance capital expenditure and working capital requirements. |
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