Ashok Leyland has raised more than Rs 666 crore through allotment of shares at a price of Rs 36 per share to institutional investors. 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 per share.
Earlier, the company’s fund raising committee has approved the issue price of Rs 36 per equity 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.
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.
