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Business News/ Market / Stock-market-news/  Ashok Leyland raises over Rs666 crore through QIP issue
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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

Ashok Leyland’s board had approved the fund raising on 10 May 2013 and had got shareholders approval on 16 July 2013. Photo: MintPremium
Ashok Leyland’s board had approved the fund raising on 10 May 2013 and had got shareholders approval on 16 July 2013. Photo: Mint

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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Published: 02 Jul 2014, 10:42 PM IST
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