India’s leading automaker, Ashok Leyland, has announced the acquisition of an additional 19 percent equity shares in Hinduja Leyland from the existing shareholders.
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In a statement issued, Ashok Leyland said that “the company is to acquire a stake in Hinduja Leyland Finance for a consideration not exceeding Rs 1,200 crore subject to approvals, consents, stations and permissions of the authorities.”
“The acquisition will get completed in tranches within 12 months from the date of approval,” the statement said.
Adding to the statement, the company said, “If the acquisition exceeds 2 percent or more of the equity shares of HLFL than the company will inform the stock exchanges as of required.”
