The Board of automobile section firm Hinduja Foundries Ltd has given its nod for merging the company with Ashok Leyland heavy commercial vehicle maker subject to regulatory and shareholders’ approval of both the companies.
At the conference held, the Board of Directors of the company unanimously approved the proposal of merging Hinduja Foundries Ltd, a Hinduja Group firm with Ashok Leyland subject to various regulatory & shareholders’ approval of both the companies, a company report said.
The Board also approved the exchange ratio on the merging in that one hundred equity shares of 10 Rs all of Hinduja Foundries Ltd will get 40 shares at Rs one each fully paid of Ashok Leyland Ltd.
One Thousand 2008 series GDRs of Hinduja Foundries Limited will hook 133 equity shares of Rs 1 each fully paid of Ashok Leyland, it said.
One 2016 series GDRs of Hinduja Foundries Ltd will hook 4,800 equity shares of Rs 1 each fully paid of Ashok Leyland Ltd, it said.
1st October, 2016 is the proposed day of merging.
We welcome Hinduja Foundries into the bunch of Ashok Leyland Ltd. The mash-up will result in operational efficiencies and help realise significant cost synergies, Hinduja Group Company & heavy commercial automobile creator, Ashok Leyland Ltd., Chief Executive Officer & Managing Director, Vinod K Dasari said.