Hinduja Leyland Finance calls off IPO plan

Existing investors infused funds to meet the requirement

Hinduja Leyland Finance Ltd, a subsidiary of commercial vehicle major Ashok Leyland Ltd, offering vehicle finance and loan against property, has decided to call off its plans for an Initial Public Offering (IPO). The IPO was expected to take place in the previous fiscal year.

The company was expecting to raise around Rs 500 crore as equity through IPO. The IPO was planned during the last quarter of last year and with demonetisation, the company decided not to hit the market during the time.

"The Board of Directors of HLFL at their meeting held on May 23, 2017 had decided