Hinduja Foundries to be amalgamated with Ashok Leyland

The Board of Directors of Ashok Leyland Ltd on Wednesday approved the amalgamation Hinduja Foundries with itself, a company statement said.

Hinduja Foundries (formerly Ennore Foundries) is in the business of grey iron castings and supply of automotive components.

The swap ratio approved by the board is that 100 equity shares of Rs.10 each fully paid of Hinduja Foundries will get 40 equity shares of Re.1 each fully paid of Ashok Leyland; a thousand, 2008 series GDRs of Hinduja Foundries will get 133 equity shares of Re.1 each fully paid of Ashok Leyland' and one 2016 series GDRs of Hinduja Foundries will get 4,800 equity shares of Re.1 each fully paid of Ashok Leyland.

The appointed date for the proposed amalgamation is October 1.

"The amalgamation will result in operational efficiencies and help realise significant cost synergies," the statement quoted Ashok Leyland's CEO and MD Vinod Dasari as saying.

--IANS

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