Ashok Leyland raises over Rs 666 cr through QIP issue

Hinduja Group flagship company Ashok Leyland has raised over Rs 666 crore through allotment of shares at a price of Rs 36 apiece to institutional investors.
The company in a filing to the BSE said that its fund raising committee has "approved the issue price of Rs 36 per equity share (share), which is at a premium of Rs 1.70 per share, to the Floor Price of Rs 34.30 per equity share."
The committee also approved closure of the qualified institutional placement (QIP) on July 2, 2014, the filing said.
The QIP issue of 1,852 lakh equity shares of face value of Re 1 each had opened on June 26. The fund raising committee of the company had fixed the floor price at Rs 34.30 apiece.

Ashok Leyland's board had approved the fund raising on May 10, 2013 and had got shareholders approval on July 16, 2013.
Shares of Ashok Leyland closed at Rs 36.35 apiece at BSE, down 1.09 per cent from previous close.