Hinduja Group flagship company Ashok Leyland Tuesday said it has sold 32 percent stake in its subsidiary firm Hinduja Tech Ltd (HTL) to a strategic investor.
The company did not disclose the amount for which the stake has been sold.
"To unlock value, HTL has roped in a strategic investor to subscribe to the equity share capital of the company. Consequent to the allotment of equity shares to the strategic investor, the holding of Ashok Leyland now stands at 68 percent," Ashok Leyland Ltd said in a filing to the BSE.
HTL, formerly Defiance Technologies Ltd, a wholly-owned unlisted subsidiary of Ashok Leyland, has now become a subsidiary company, the filing said.
Hinduja Tech was incorporated in 2009 with a focus to provide engineering, manufacturing and enterprise (EME) services and solutions for automotive, aerospace, defence, industrial and general manufacturing industries.
Ashok Leyland shares closed at Rs 51.75 apiece on the BSE, down 1.99 percent from previous close.
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