Ashok Leyland to consider fundraising this week

Indian automobile manufacturer, Ashok Leyland, announced that it is planning to raise Rs 300 crore through the issuance of redeemable, non-convertible debentures (NCDs) on a private placement basis.

In a regulatory filing made on May 11 after the market hours, the company informed that its meeting of the fundraising committee of the board of directors is scheduled on May 14 to consider and issue secured, rated, listed, redeemable, non-convertible debentures, aggregating to Rs 300 crore, with a green-shoe option of Rs 200 crore on private placement basis, in one or more tranches.

Headquartered in Chennai, Ashok Leyland is owned by Hinduja Group and is the second-largest commercial vehicle manufacturer in India. It is also the fourth-largest manufacturer of buses in the world and the tenth-largest manufacturer of trucks globally.

At 10.03 am on Tuesday, the stock of Ashok Leyland Ltd is trading at Rs 46.85, down by 4.00 per cent against its previous close of Rs 48.80. Its 52-week high is recorded at Rs 94.90 while, its 52-week low is Rs 33.70 on BSE.