The Hinduja flagship company Ashok Leyland has sold 50 lakh shares in IndusInd Bank for a total consideration of Rs.216.25 crore. According to a filing in the BSE, the sale by Ashok Leyland was done in a bulk deal at Rs.432.50 per share to foreign institutional investor Afrin Dia.
The sale represented around one per cent of Ashok Leyland’s stake in IndusInd Bank. The company held 3.45 per cent stake in IndusInd Bank as reported at the end of December, 2012.
The share sale in IndusInd Bank is in line with the stated intention of the company to reduce its non-core assets to raise funds to the tune of Rs.500 crore.
