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Ashok Leyland Ltd.

BSE: 500477 Sector: Auto
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Announcement under Regulation 30 (LODR)-Updates on Acquisition

March 21, 2020, 7:28 pm | Source: BSE

In the meeting held on 18.3.2020 the Board had approved that the Company may acquire up to 19% of equity shares in Hinduja Leyland Finance Limited (HLFL) from existing shareholders in HLFL in tranches for a consideration not exceeding Rs.1200 Crs. subject to such approvals may be necessary. Ashok Leyland/AL considers HLFL a very significant subsidiary for financing its vehicles like all OEMs in the automotive sector. The Board continues to believe that the proposal to raise the shareholding in HLFL was consistent with the philosophy to prevent any future dilution based on HLFLs growth plans. However in a meeting held today the Board of AL after considering the feedback on the proposal from minority stakeholders decided to restrict the acquisition of shares by AL to 6.99% of the paid-up capital of HLFL at a price of Rs.119/- per share aggregating to Rs.390.49 Crores from Everfin Holdings and Hinduja Group.