Ashok Leyland to acquire additional 19% stake in Hinduja Leyland Finance

The cost of acquisition will be not be exceeding Rs 1,200 crore, on cash consideration

Hinduja Group flagship Ashok Leyland Ltd has announced plans to acquire upto 19 per cent of additional equity shares in Hinduja Leyland Finance Ltd (HLFL), the Non-Banking Finance Company (NBFC) part of the Group, from the existing shareholders, for a consideration of up to Rs 1,200 crore. It may be noted that Ashok Leyland in February this year had said that the company and other investors have entered into a Supplemental Share Purchase Agreement with Everfin Holdings, an arm of Everstone Group, to acquire the latter's seven per cent stake in HLFL.

The acquisition will effect consolidation of its holding