Ashok Leyland raises over Rs666 crore through QIP issue
Ashok Leyland issued shares at a price of `36 per share, which is at premium of `1.70 per share
New Delhi: Hinduja Group flagship company Ashok Leyland has raised over ₹ 666 crore through allotment of shares at a price of ₹ 36 apiece to institutional investors.
The company in a filing to the BSE said that its fund raising committee has “approved the issue price of ₹ 36 per equity share, which is at a premium of ₹ 1.70 per share, to the Floor Price of ₹ 34.30 per equity share."
The committee also approved closure of the qualified institutional placement (QIP) on 2 July 2014, the filing said.
The QIP issue of 185.2 million equity shares of face value of ₹ 1 each had opened on 26 June. The fund raising committee of the company had fixed the floor price at ₹ 34.30 apiece.
Ashok Leyland’s board had approved the fund raising on 10 May 2013 and had got shareholders approval on 16 July 2013. Shares of Ashok Leyland closed at ₹ 36.35 apiece on the BSE, down 1.09% from previous closing.
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