Ashok Leyland raises stake in HLFL; hits fresh 52-week low

The shares of Hinduja Group flagship company-Ashok Leyland touched a fresh 52-week low today after the company approved acquisition of up to 19 per cent additional equity shares in Hinduja Leyland Finance Limited (HLFL).  

In a BSE filing released on March 18 after the market hours, the company informed that the board of directors in a meeting held on Wednesday, has approved to acquire up to 19 per cent additional equity shares in the non-banking finance company-HLFL from the existing shareholders in tranches for consideration, not exceeding Rs 1,200 crore, subject to any approval or sanction required from the concerned authorities.  

The company further stated that the agreement for acquiring equity shares of HLFL will be made in due course. Meanwhile, it also added that the acquisition will get completed in tranches within a period of 12 months from the date of approval.

At the time of market closing on Thursday, the stock of Ashok Leyland Ltd was trading at Rs 48.10, down by 25.25 per cent against its previous close of Rs 64.35. Its 52-week high is Rs 97.70 while, its 52-week low was recorded at Rs 47.25 on BSE.