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Ashok Leyland has sold shares worth Rs 207 crore in IndusInd Bank, according to Bombay Stock Exchange (BSE) data.
BSE's bulk deal data shows that the company sold 31.25 lakh shares at the rate of Rs 476.82 a share totalling to Rs 149 crore. According to block deal data the company sold 12.50 lakh shares at the rate of Rs 467.85 each, amounting to Rs 58 crore and these shares were acquired by Credo India Thematic Fund.
Ahok Leyland Limited also informed the National Stock Exchange that the company has sold fifty lakh shares held in IndusInd Bank Limited on March 18, 2014, through a combination of bulk deal and normal trading.
In another transaction, according to National Stock Exchange data IDL Speciality Chemicals Ltd, a pharma firm which was acquired by Hinduja Ventures in 2010 acquired shares worth Rs 11.72 crore in Indusind Bank. The company acquired 2.50 lakh shares at Rs 469 a share, which was sold by Grand Investors Ltd.
As of December 2013, promoter and promoter Group and foreign investors were holding 15.24% each in the Bank, while the public was holding 72.42%, FIIs 41.3%, Institutions 48.37%, non-institutions 24.05% and the balance was with others.
It may be noted, in December 2013 the commercial vehicle Ashok Leyland sold shares worth Rs 122.61 crore in Indusind Bank. The company sold 11,50,000 shares at a price of Rs 414 a share. The buyer was CPCI Mauritius Ltd which also bought shares worth Rs 75.55 crore from IDL Speciality Chemicals Ltd, a pharma firm which was acquired by Hinduja Ventures in 2010. Hinduja Group flagship Ashok Leyland sold 18,00,000 equity shares in IndusInd Bank worth around Rs 75 crore, the shares were acquired by CPCI Mauritius for the same amount.
According to the details in the exchange then, Ashok Leyland has sold 18,00,000 equity shares for Rs 417 per share. As per the shareholding pattern as on September 30, 2013, Ashok Leyland has 1,30,13,923 equity shares in IndusInd Bank, which is around 2.48% of the total share of the Bank.
In March this year, Ashok Leyland had offloaded 50 lakh shares of IndusInd Bank in a transaction worth more than Rs 216 crore. This was part of the company's announced plans to partially or wholly divest its stakes in various institutions, including IndusInd Bank, which would help the company to reduce its debt and focus on the core business.
The shares were bought by Afrin Dia, a foreign institutional investor, again based in Mauritius based FII Afrin Dia, who had 79 lakh shares or 1.51% stake in the bank, as on December 31, 2012.
As reported earlier, total shares held by Ashok Leyland as on December 31, 2012 were worth around Rs 700 crore. IndusInd Bank Limited is a Mumbai based India new generation bank, established in 1994.
It had also revealed plans earlier to dilute shares in other companies, including Hinduja Leyland Finance (HFL), Defiance Technologies and Defiance Testing. Of this, it has sold the Detroit-based testing and engineering company Defiance Testing & Engineering Services (DTE) to testing, calibration and advisory service provider Exova, which has operations in US, Europe and other parts.
