The price of shares of Ashok Leyland, a 38,000 crore Rupees company, was raised by about 2% in the initial trading when the announcement of acquisition of Hinduja Tech Limited (HTL).
The company said in a release, "... has entered into a share purchase agreement with Nissan International Holding BV to acquire 58,500,000 shares for a total consideration of Rs 70,20,00,000 constituting 38% in the paid-up share capital of Hinduja Tech Limited (HTL).”
It is worth noting that Ashok Leyland already owns 62 percent in the paid-up share capital of HTL.
After this deal is completed, HTL will become a wholly-owned subsidiary of the company.
The share price is currently 7.56% below its 52-week high.
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