Ashok Leyland to raise $100mn

Ashok Leyland, the country's second biggest truck and bus manufacturer, will raise $100 million through a foreign float, the company's managing director, R Seshasayee, said here yesterday.

"The company's board will meet on February 28 to consider whether the money will be raised through a FCCB or a GDR issue," Seshasayee said at a press conference here.

He said the money raised will be partly used to service debt as well as to add capacities in its manufacturing units.

He added that tapping the foreign market was more suitable now that foreign loans come cheaper than money raised from the domestic market.