Ashok Leyland raises stake in Ashley Aviation to 88.75%

The company acquired 5,00,010 shares of Rs10 each, constituting 12.50% of the paid-up share capital of Ashley Aviation.

Jan 10, 2019 04:01 IST India Infoline News Service

Ashok Leyland
India’s pure play Commercial Vehicle (CV) manufacturer, Ashok Leyland Limited (ALL) acquired 50,00,010 shares of Ashley Aviation Limited (AAL), constituting 12.50% of the paid-up share capital of AAL.

On January 2, 2019 ALL had announced that it had raised stake in AAL from 49% to 76.25%. The most recent share acquisition will take its stake to 88.75%. ALL plans to eventually make AAL a wholly-owned subsidiary and has obtained approval from the Ministry of Civil Aviation in this regard. The shares were acquired for a total consideration of Rs55.59 lakh.

Ashok Leyland Ltd is currently trading at Rs95.55 up by Rs1.15 or 1.22% from its previous closing of Rs94.40 on the BSE.

The scrip opened at Rs96.90 and has touched a high and low of Rs97 and Rs95.20 respectively. So far 95,51,543 (NSE+BSE) shares were traded on the counter.

The current market cap of the company is Rs27,711.38cr.

Related Story