Hinduja Foundries to merge with Ashok Leyland – Feedback

The Board of automobile component firm Hinduja Foundries Ltd has given its nod for amalgamating the company with heavy commercial vehicle maker Ashok Leyland subject to regulatory and shareholders approval of both the companies.

“At the meeting held today, the Board of Directors of the company unanimously approved the proposal of amalgamating Hinduja Foundries Ltd, a Hinduja Group company with Ashok Leyland subject to various regulatory and shareholders approval of both the companies,” a company statement said. The Board also approved the exchange ratio on the amalgamation in which one hundred equity shares of Rs 10 each of Hinduja Foundries Ltd will get 40 shares at Rs 1 each fully paid of Ashok Leyland Ltd. “One Thousand 2008 series GDRs of Hinduja Foundries Ltd will get 133 equity shares of Rs 1 each fully paid of Ashok Leyland,” it said.

http://economictimes.indiatimes.com/industry/auto/news/industry/hinduja-foundries-to-merge-with-ashok-leyland/articleshow/54338272.cms

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