NEW DELHI: Chennai based mostly Professional vehicle producer, Ashok Leyland, to purchase 19 for each cent stake in Hinduja Leyland Finance Confined (HLFL) for Rs 1200 crore, the enterprise stated in BSE filing on Wednesday.

The second-greatest professional vehicle producer in its communication stated that “The board of administrators of the enterprise, at the assembly held now, have accredited to purchase up to 19 for each cent additional fairness shares in Hinduja Leyland Finance Confined, from the present shareholders, in tranches, for a thought not exceeding Rs.1200 Crores subject to these approvals, consents, sanctions and permissions of the acceptable authorities, as may perhaps be required.”

In February 2020, Ashok Leyland entered into a supplemental share purchase agreement with Everfin holdings, a shareholder of Hinduja Leyland Finance
In February 2020, Ashok Leyland entered into a supplemental share purchase arrangement with Everfin holdings, a shareholder of Hinduja Leyland Finance

HLFL is an RBI registered non-banking finance enterprise and owned the holding enterprise of Ashok Leyland. It posted a earnings of Rs 2560.64 cr in FY19, scheduling a web revenue of Rs 275.60 cr.

Last month, Ashok Leyland entered into a supplemental share purchase arrangement with Everfin holdings, a shareholder of Hinduja Leyland Finance (HLFL), for agreeing to purchase collectively, three,28,14,401 shares of Rs a hundred and one- each (constituting seven% in the paid-up share cash of HLFL) at an agreed selling price of Rs.119/- for each share aggregating Rs 390.forty nine crore

The professional vehicle maker had marketed 18,245 units in February final year. Domestic professional vehicle gross sales had been down 29 for each cent at 10,612 units as against 17,352 units in the year-in the past month, it extra. Medium and hefty professional vehicle gross sales in the domestic marketplace had been down 47 for each cent to 6,745 units as in contrast to 12,621 units in February final year.

In the same way, light professional vehicle gross sales had been down 18 for each cent at three,867 units as against four,731 units in the corresponding month final year.