Ashok Leyland Ltd. said it has acquired another 27.25% shares of Ashley Aviation Ltd. (AAL) from an individual holder with the purpose of converting AAL into a wholly-owned subsidiary. The deal to be completed by March 31, 2019 and is valued at ₹55.59 lakh. Currently, Ashok Leyland holds 49% stake in the AAL and the purchase would help raise holding to 76.25%, said a company statement.
The Hinduja Group company acquired 10.90 lakh shares of AAL shares having a face value of ₹10 each, representing 27.25% of paid-up share capital, at ₹5 per share.
Ashok Leyland, meanwhile, reported a 20% dip in total sales for the month of December at 15,493 units against 19,251 units in the corresponding period last year.
