Ashok Leyland continues to sell non-core assets1 min read . Updated: 29 Mar 2016, 01:23 PM IST
Ashok Leyland sold shares worth Rs299 crore in IndusInd Bank through an open market transaction
Chennai: Ashok Leyland Ltd sold shares worth ₹ 299 crore on Monday in IndusInd Bank Ltd through an open market transaction, the company said in a stock exchange filing.
The shares were sold at an average price of ₹ 915.96 per share. Ashok Leyland sold 3.26 million shares or 0.55% stake in the bank through a bulk deal. The announcement was made before market hours on Tuesday.
The commercial vehicle manufacturer has been selling its non-core assets to pare its debt. It had sold 1.8 million shares of IndusInd Bank in the open market in September.
Both Ashok Leyland and IndusInd Bank are part of the Hinduja Group.
Ashok Leyland shares rose 1.53% to ₹ 106.30 on the BSE at 12:05pm, while the benchmark Sensex fell 0.29% to 24,890.07 points.