Hinduja Automotive buys 87.85 lakh shares of Ashok Leyland

MUMBAI: Ashok Leyland promoter Hinduja Automotive today picked up 87.85 lakh shares of the commercial vehicle major for about Rs 15 crore.

Hinduja Automotive Ltd bought 87,85,517 Ashok Leyland shares from Lotus Global Investments Ltd through the open market, according to information available with the stock exchanges.

The shares were purchased at an average price of Rs 17.05 each, valuing the transaction at Rs 14.97 crore, the data showed.

Ashok Leyland shares dropped 0.29 per cent to close at Rs 16.90 on the BSE.

Last week, Hinduja Automotive bought 5.2 crore shares of Ashok Leyland from Lotus Global Investments for about Rs 84 crore.

As of the quarter ended June, Hinduja Automotive held 102.72 crore Ashok Leyland shares, amounting to a 38.61 per cent stake in the company.

Ashok Leyland launched a multi-purpose vehicle 'Stile' this week, at prices ranging from Rs 7.49 lakh to Rs 9.29 lakh (ex-showroom, Delhi), seeking to strengthen its light commercial vehicle business in the country.