Ashok Leyland, which sold 3% stake in IndusInd Bank last year, will sell another 3% stake in the secondary market before October 2005 to comply with RBI guidelines."Recent RBI guidelines stipulate that corporates should not hold more than 10% stake in private banks in India," R Seshasayee, MD of Ashok Leyland, said.Speaking at the company AGM today, Seshasayee said Ashok Leyland's stake in IndusInd Bank had gone up to 16% after the merger of Ashok Leyland Finance with IndusInd Bank last year. "We will dispose of 3% by October 2005," he said.Ashok Leyland was also participating in the rights issue of Ennore Foundries to maintain its stake at 21%. The company would invest Rs 12 crore in the rights issue, which was priced at a premium of Rs 50 per share, he added.
