Ashok Leyland rallies over 4% on reports of fund raising plans

NEW DELHI: Ashok Leyland Ltd rallied as much as 4.1 per cent in trade on Monday, after the Fund Raising Committee of Ashok Leyland Ltd approved the allotment of equity shares to Qualified Institutional Buyers (QIBs).

At 09:40 a.m.; Ashok Leyland was trading 2.7 per cent higher at Rs 37.15. It hit a low of Rs 36.05 and a high of Rs 37.60 in trade today.

The commercial vehicle manufacturer has informed the BSE about the allotment of equity shares to QIBs after the fund-raising committee's meeting held on July 4.

The Fund Raising Committee of Ashok Leyland Ltd has approved the issue and allotment of 18.52 crore equity shares of face value Rs 1 each to eligible QIBs at the issue price of Rs 36 per equity share, aggregating to Rs 666.72 crore, said media reports.