Ashok Leyland rises on inking pact to acquire 38% stake in Hinduja Tech
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Ashok Leyland is currently trading at Rs. 128.40, up by 1.35 points or 1.06% from its previous closing of Rs. 127.05 on the BSE.
The scrip opened at Rs. 128.00 and has touched a high and low of Rs. 128.50 and Rs. 127.40 respectively. So far 70567 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 138.85 on 04-Feb-2021 and a 52 week low of Rs. 33.70 on 25-Mar-2020.
Last one week high and low of the scrip stood at Rs. 132.00 and Rs. 118.55 respectively. The current market cap of the company is Rs. 37295.87 crore.
The promoters holding in the company stood at 51.54%, while Institutions and Non-Institutions held 33.94% and 14.44% respectively.
Ashok Leyland has entered into a Share Purchase Agreement with Nissan International Holding BV to acquire 58,500,000 shares for a total consideration of Rs 70.20 crore constituting 38% in the paid-up share capital of Hinduja Tech (HTL). The company owns 62% in the paid-up share capital of HTL and the remaining is held by Nissan International Holding B.V. Consequent to the aforesaid acquisition, HTL will become a wholly owned subsidiary of the Company. HTL is engaged in the business of IT & ITeS industry.
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,a defense and special vehicles.
