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India's largest casting maker Hinduja Foundries approves merger with Ashok Leyland

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. Photograph: (Others)

Chennai, Tamil Nadu, India Sep 15, 2016, 07.02 AM (IST)
India's largest casting maker Hinduja Foundries has given a go-ahead to its merger with commercial vehicle maker Ashok Leyland subject to regulatory and shareholder 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," an official statement said, according to Indian news agency PTI. 

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., the board approved the exchange ratio on the amalgamation.

"One thousand 2008 series GDRs of Hinduja Foundries Ltd will get 133 equity shares of Rs 1 each fully paid of Ashok Leyland," a company statement said. 

(WION with inputs from PTI)
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