The price of shares of Ashok Leyland, a 38,000 crore Rupeescompany, was raised by about 2% in the initial trading when the announcement ofacquisition of Hinduja Tech Limited (HTL).
The company said in a release, "... has entered into ashare purchase agreement with Nissan International Holding BV to acquire58,500,000 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 62percent in the paid-up share capital of HTL.
After this deal is completed, HTL will become a wholly-ownedsubsidiary of the company.
The share price is currently 7.56% below its 52-week high.