Ashok Leyland gains as its arm raises Rs 910 crore
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Ashok Leyland is currently trading at Rs. 149.70, up by 1.65 points or 1.11% from its previous closing of Rs. 148.05 on the BSE.
The scrip opened at Rs. 148.60 and has touched a high and low of Rs. 151.15 and Rs. 148.60 respectively. So far 269228 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 169.40 on 06-Sep-2022 and a 52 week low of Rs. 93.20 on 08-Mar-2022.
Last one week high and low of the scrip stood at Rs. 151.15 and Rs. 145.05 respectively. The current market cap of the company is Rs. 45031.91 crore.
The promoters holding in the company stood at 51.54%, while Institutions and Non-Institutions held 36.84% and 11.62% respectively.
Ashok Leyland’s subsidiary -- Hinduja Leyland Finance (HLF), has raised Rs 910 crore from Qualified Institutional Buyers (QIB). The company's board approved the allotment of issuance of 65 million equity shares of Rs 10 each at an issue price of Rs 140 per share aggregating to the total of Rs 910 crore.
With this fund raise through QIBs, parent Ashok Leyland (ALL) shareholding in HLF has fallen from 68.8 per cent to 60.43 per cent. The infusion leads to increase in capital adequacy ratio of HLF from 18.70 per cent in March 2022 to 22.50 per cent.
Ashok Leyland, the Hinduja Group flagship company in India, is engaged in the manufacturing of commercial vehicles and related components. The company’s products include buses, trucks, engines, defense and special vehicles.
