You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Ashok Leyland hikes stake in HLFL

Topics
Business Finance

Capital Market 

Ashok Leyland informed that its board has approved acquisition of upto 19% additional equity shares in Hinduja Leyland Finance (HLFL) from the existing shareholders.

The acquisition is being done for a cash consideration not exceeding Rs 1200 crore. The transaction is subject to regulatory approvals, it added.

The commercial vehicle manufacturer said that the acquisition is being undertaken to consolidate holding in HLFL. The transaction would be executed in tranches, within a period of twelve months from the date of approval.

Shares of Ashok Leyland ended 0.16% higher at Rs 64.35 on Wednesday 18 March 2020.

HLFL is an RBI registered non-banking finance company. In FY 2018-19, the company reported a profit after tax of Rs 275.64 crore and revenue of Rs 2560.64 crore.

Ashok Leyland, flagship of the Hinduja group, is amongst the largest manufacturer of commercial vehicles in India and also amongst the biggest manufacturers of buses and trucks globally.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, March 19 2020. 08:38 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU