Ashok Leyland said it has completed the acquisition of 1.6 crore shares, or 3.36% stake, of Hinduja Leyland Finance.
Ashok Leyland has in tranches, acquired 1,57,96,406 shares of Rs 10 each, constituting 3.36% of the paid-up equity share capital of Hinduja Leyland Finance (HLFL), a subsidiary of the company. Consequent to the aforesaid acquisition, the company's shareholding in HLFL stands increased from 65.45% to 68.81%. The aforesaid acquisition is part of the 6.99% acquisition approved by the board at the meeting held on 21 March 2020. The announcement was made after market hours yesterday, 23 April 2020.
On a consolidated basis, the company's net profit slumped 93.29% to Rs 26.79 crore on a 30.48% fall in net sales to Rs 5,148.15 crore in Q3 December 2019 over Q3 December 2018.
Ashok Leyland, flagship of the Hinduja group, is among the largest manufacturer of commercial vehicles in India and also among the biggest manufacturers of buses and trucks globally.
Shares of Ashok Leyland declined 2.36% to Rs 45.60 on BSE. The scrip hovered in the range of Rs 45.35 to Rs 46.40 so far.
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