Leyland board gives nod for 1:10 stock split

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.

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.

The Hinduja group flagship plans to raise the funds as foreign currency convertible borrowings or global depository receipts.

The company had earlier said the money would be used to finance capital expenditure and working capital requirements.