Ashok Leyland seeks shareholder approval to raise money through QIB

Ashok Leyland today said it will seek shareholder approval to raise money through Qualified Institutional Buyers (QIBs) and other routes.

While the company didnot mention the amount it wants the raise, it said the funds will be used to support capex, as working capital and for investment in joint ventures etc.

The company had recently said it has lined up capex and investment to the tune of around Rs 250-300 crore during the current fiscal.

It also said that it had obtained shareholder approval to raise Rs 2,000 crore through non-convertible debentures (NCDs) on private placement basis to not more than 200 persons last year, but has not used the option yet.

Ashok Leyland said it may offer or invite subscription for secured/ unsecured redeemable NCDs in one or more series/ tranches on private placement basis for an amount upto Rs 300 crore.

Ashok Leyland Limited