Ashok Leyland, flagship of the Hinduja Group, will be raising over Rs 635 crore through placement of shares to qualified institutional buyers. The company’s Fund Raising Committee at its meeting held on June 26, 2014 fixed the floor price at Rs 34.30 per equity share.
The shareholders of the company at the AGM held on July 16, 2013 had approved for QIP of 1,852 lakh equity shares of face value of Re 1 each. The company’s board had approved the fund raising on May 10, 2013 and had got shareholders approval on July 16, 2013.
Ashok Leyland, the Hinduja Group flagship company in India, is engaged in the manufacturing of commercial vehicles and related components. The company’s products include buses, trucks, engines, defense and special vehicles.
