Ashok Leyland announces closure of QIP

Approves issue price of Rs 36 per share

The fund raising committee of Ashok Leyland Ltd has approved the closure of the Qualified Institutional Placement (QIP) on July 2, 2014, and approved the issue price of Rs 36 per equity share. This comes at a premium of Rs 1.70 per share to the floor price of Rs 34.30 per equity share, for the equity shares to be allotted to eligible qualified institutional buyers in the QIP.

It has also approved and adopted the Placement Document (PD) dated July 2, 2014, in connection with the QIP. the company has recently announced that it is planning to raise about Rs 700 crore through a QIP which was opened on June 26