Ashok Leyland to raise up to Rs 500 cr

Hinduja Group's flagship firm Ashok Leyland on Thursday said a board panel has approved raising up to Rs 500 crore through issuance of non-convertible debentures (NCDs) on private placement basis.

"The Fund Raising Committee of the Board of Directors...has approved the issuance of listed, secured, redeemable, NCDs, with an aggregate amount up to Rs 300 crore with a green-shoe option of Rs 200 crore on private placement basis, in one or more tranches," the company said in a BSE filing.

The NCDs will be issued to certain eligible investors permitted to invest in the NCDs under applicable laws and will be listed on the National Stock Exchange, it added.