Ashok Leyland to raise over Rs 635 cr via QIP

The company in a filing to the BSE said its Fund Raising Committee at its meeting held today fixed the floor price at Rs 34.30 per equity share.

Hinduja Group flagship company Ashok Leyland  will raise over Rs 635 crore through placement of shares to qualified institutional buyers.

The company in a filing to the BSE said its Fund Raising Committee at its meeting held today fixed the floor price at Rs 34.30 per equity share.

The shareholders of the company at the AGM held on July 16, 2013 had approved qualified institutional placement (QIP) of 1,852 lakh equity shares of face value of Re 1 each, it added. It further said the committee also approved opening the issue on June 26, 2014.

Ashok Leyland's board had approved the fund raising on May 10, 2013 and had got shareholders approval on July 16, 2013.

Shares of Ashok Leyland closed at Rs 37.90 apiece at BSE, down 0.52 per cent from previous close.

Ashok Leyland stock price

On June 26, 2014, Ashok Leyland closed at Rs 37.90, down Rs 0.2, or 0.52 percent. The 52-week high of the share was Rs 39.00 and the 52-week low was Rs 11.82.

The company's trailing 12-month (TTM) EPS was at Rs 0.11 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 344.55. The latest book value of the company is Rs 16.85 per share. At current value, the price-to-book value of the company is 2.25.

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