Shares of Ashok Leyland hit 15 percent upper circuit in intraday trade on March 26, a day after the company said it acquired additional stake in its subsidiary Hinduja Leyland Finance.
“The company has acquired 1,70,17,995 shares of Rs 10 each, constituting 3.62 percent of the paid-up equity share capital of Hinduja Leyland Finance Limited, a subsidiary of the company,” the company said in a BSE filing.
Consequent to the aforesaid acquisition, the company’s shareholding in Hinduja Leyland Finance increased from 61.83 percent to 65.45 percent. The aforesaid acquisition is part of the 6.99 percent acquisition approved by the board at the meeting held on March 21, 2020, the BSE filing said.
Meanwhile, rating agency ICRA downgraded the company’s long-term instruments as ‘ICRA AA (negative)’ from ‘ICRA AA+, a separate regulatory filing on BSE on March 25 showed.
CARE Ratings has assigned ‘CARE AA+’ with a negative outlook on the company’s long-term bank facilities.
Shares of Ashok Leyland traded 14.95 percent up at Rs 39.60 on BSE around 12:20 hours.
courtsey By – https://www.moneycontrol.com/news/buzzing-stocks/ashok-leyland-increases-stakehinduja-leyland-finance-share-hits-15-upper-circuit_13615041.html