Ashok Leyland Ltd’s (ALL) shareholding in its material subsidiary Hinduja Leyland Finance Ltd. (HLFL) has decreased from 68.80% to 60.43%.
In a regulatory filing, the commercial vehicle manufacturer said the decrease was due to allotment of shares to qualified institutional buyers (QIBs).
On Thursday, the board of HLFL issued 6.50 crore equity shares to five QIBs at ₹140 per share each aggregating to ₹910 crore. With the infusion of these funds, the capital adequacy ratio of HLFL has risen to 22.5% from 18.71% as of March 22.
Regarding HLFL’s scheme of arrangement with Nxtdigital Ltd., it said the matter was progressing as per time schedule.