Ashok Leyland completes stake acquisition, Stock Up

Ashok Leyland Limited has completed acquisition of stake in Ashley Aviation Limited, which was earlier announced by the company on 2-January 2019.  Accordingly, the company has acquired 4,50,005 shares of Rs10 apiece constituting 11.25 percent in the paid-up share capital of Ashley Aviation Limited. The acquisition value is about Rs 22.00 lakh.

Resulting to the said acquisition, the Ashok Leyland shareholding in Ashley Aviation stands increased from 88.75 percent to 100 percent making it a wholly-owned subsidiary of the company.

Reacting to this development, the Ashok Leyland stock was seen on upper circuit through mid-market trade Tuesday.  The stock was seen at Rs. 83.00 per share, up by 0.85% on the NSE with Nifty50 growing at 28 points.  Conversely, on the BSE too the share price quoted the same with Sensex   picking 82 points up.