Ashok Leyland share price up 2% on acquiring Hinduja Tech

The share touched its 52-week high of Rs 138.85 on February 4, 2021 and 52-week low of Rs 33.70 on March 25, 2020,

Moneycontrol News

February 25, 2021 / 09:48 AM IST

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Ashok Leyland share price added 2 percent in the early trade on February 25 after the announced its decision to acquire a 38 percent stake in Hinduja Tech Limited (HTL).

"... has entered into a share purchase agreement with Nissan International Holding BV to acquire 58,500,000 shares for a total consideration of Rs 70,20,00,000 constituting 38% in the paid-up share capital of Hinduja Tech Limited (HTL)," the company said in the release.

The company already owns 62 percent in the paid-up share capital of HTL and the remaining is held by Nissan International Holding B.V.

After the acquisition, HTL will become a wholly-owned subsidiary of the company.

At 0931 hours, Ashok Leyland was quoting at Rs 128.35, up Rs 1.80, or 1.42 percent, on the BSE.

The share touched its 52-week high of Rs 138.85 on February 4, 2021 and a 52-week low of Rs 33.70 on March 25, 2020. It is trading 7.56 percent below its 52-week high and 280.86 percent above its 52-week low.