Ashok Leyland's shareholding in UK-based Optare Plc increases to 92.59%
.webp)
Ashok Leyland's shareholding in UK-based commercial vehicle maker Optare Plc, which is also the holding company of Switch Mobility Ltd, rose to 92.59 per cent from 92.19 per cent. This comes after the company invested Rs 536.73 crore in the second tranche via equity shares in Optare, it told the exchanges on Tuesday.
In November last year, Ashok Leyland announced that it would invest Rs 1,200 crore in its electric vehicle arm, Switch Mobility, through Optare Plc. In December, it had invested Rs 662.5 crore in the first tranche. On Tuesday, the company said it has completed the investment in the second tranche.
"We wish to inform you that the Company had invested a sum of GBP 50679500 (approximately Rs 536.73 crore) in Optare Plc. UK by way of Equity shares in the second tranche. Consequent to the allotment by the Board of Directors of Optare Plc., the shareholding of the company in Optare Plc. has increased from 92.19 per cent to 92.59 per cent," it said in a regulatory filing on Tuesday.
The shares in return for the investment were allotted to Ashok Leyland on February 12.
The promoter of Ashok Leyland, Hinduja Automotive Ltd, also holds a 6.9 per cent stake in Optare Plc.
The company had said that Rs 1,200 crore will be used on capital expenditure, research & development and meeting operational requirements of Optare Plc and Switch Mobility - both in the UK and India.
Optare Plc is into manufacturing and sale of commercial vehicles. It is the holding company of the electric vehicle initiatives of the company, including Switch Mobility Limited, UK and Switch Mobility Automotive Limited.
On Tuesday morning, the shares of Ashok Leyland were trading flat at Rs 171.45 apiece on the BSE.
Other Latest News
.webp)
Chief Minister Nayab Singh Saini will be meeting the senior BJP leadership in Delhi on Wednesday, a day after the ruling party pulled off a hat-trick of wins in Haryana to retain power.
Saini is likely to consult with his senior leadership on finalising his cabinet, sources said.
.webp)
Boeing said on Tuesday that it had withdrawn its pay offer to around 33,000 US factory workers and no further negotiations were planned with their union representatives as a financially damaging strike nears its fourth week.
Boeing and the union held their latest round of negotiations with federal mediators on Monday and Tuesday, but talks collapsed and the sides were left locked in acrimonious stalemate showing no signs of being resolved anytime soon, a person briefed on the talks said.
.webp)
Torrent Power shares gained 8 per cent in trade on Wednesday, October 9, and registered an intraday high of Rs 1,976.6 per share. The stock advanced after Torrent Power secured a letter of award from Maharashtra State Electricity Distribution (MSEDCL). It also inked a share subscription and shareholders' agreement (SSSA) with Lakshmi Mills and Torrent Urja 17 Private Limited (TU17).
At around 9:22 AM, Torrent Power share price was up 6.85 per cent at Rs 1,941.7 per share. In comparison, the BSE Sensex traded 145.48 per cent higher at 81,780.29 around the same time.
.webp)
Hyundai Motor India's IPO will open next week for subscriptions and will likely be priced in the range of Rs 1,865 to 1,960 ($22 to $23) per share, sources said on Tuesday, valuing the automaker at up to $19 billion in the country's biggest stock offering this year.
The India IPO will be Hyundai's first stock market listing outside South Korea. In India, it will also mark the first carmaker to go public in two decades since Maruti Suzuki in 2003, and comes just after Indian stock markets touched record highs and saw many companies making debuts.
.webp)
In the Jammu and Kashmir Assembly elections, the Bharatiya Janata Party (BJP) secured the highest share of votes, although the Congress-National Conference (NC) alliance ultimately won the polls. This was the first election in J&K following the abrogation of Article 370. The Congress-NC alliance is now set to form the government, having secured a majority of seats in the Assembly.
Notably, Independent candidates won more seats than Mehbooba Mufti’s People’s Democratic Party (PDP).
.webp)
.webp)
.webp)
.webp)
.webp)
