Hinduja Leyland Finance, an arm of Ashok Leyland, has filed draft papers with capital markets regulator Sebi to raise at least Rs 500 crore through the initial share sale.
The initial public offer (IPO) comprises fresh issue of equity shares worth Rs 500 crore and an offer for sale up to 26,608,810 scrips by existing shareholders.
The company is considering a pre-offer placement of up to 2.6 crore equity shares for an amount not exceeding Rs 200 crore.
"Hinduja Leyland Finance, a subsidiary company of Ashok Leyland has filed today the Draft Red Herring Prospectus (DRHP) with Sebi for the proposed initial public offering of equity shares," Ashok Leyland in a regulatory filing to stock exchanges.
It has appointed Axis Capital, ICICI Securities, SBI Capital Markets and Yes Securities as the merchant bankers for the public issue.
Hinduja Leyland Finance, a non-banking finance company (NBFC), provides customised finance to utility vehicles, tractors, cars, two wheeler and other commercial vehicles, focusing on the semi-urban and rural sector.
Hinduja Leyland finance, part of Hinduja Group which has global presence in automobiles, energy, IT/ITES, banking and finance, media, entertainment and infrastructure.
