India’s leading automaker, Ashok Leyland, has announced the acquisition of an additional 19 percent equity shares in Hinduja Leyland from the existing shareholders.
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.”
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“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.”
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