Ashok Leyland to mop up Rs 750 crore via QIP

In a bid to finance the capital requirements of the company, Ashok Leyland, Hinduja group flagship company is planning to raise Rs 750 crore in one or more tranches by way of a qualified institutions placements (QIP) to eligible qualified institutional buyers.

Earlier in May this year, the company, along with its joint venture partner Nissan, had announced to invest Rs 4,000 crore for setting up manufacturing facility in Tamil Nadu to roll out Light Commercial Vehicles in five different locations.

Besides, the company is planning to unveil its latest Avia range of vehicles in the domestic market in 2012-13. At present, Avia range of vehicles are produced for the European markets at its plant in Prague in Czech Republic.