Clarification

The Exchange had sought further clarification from Ashok Leyland Ltd with respect to the disclosure made on November 24, 2014 to the Exchange titled "M/s. Hinduja Tech Limited - HTL (formerly Defiance Technologies Limited) a Wholly Owned Unlisted Subsidiary (WOS -100%) of Ashok Leyland Limited (AL), has now become a Subsidiary Company. To unlock value, HTL has roped in a strategic investor to subscribe to the equity share capital of the Company. Consequent to the allotment of equity shares to the strategic investor, the holding of AL now stands at 68%."

Ashok Leyland Ltd in response to the Exchange query replied inter-alia stated, "We wish to clarify as under:

1) The error in the percentage of holding [post dilution of equity in Hinduja Technologies Limited (HTL)] as 62%, instead of 68% was purely a typographical error and not otherwise. Hence, we had filed the revised disclosure on time well before the market opened for the next day (Nov. 25)".

2) Regarding non-disclosure of details about consideration received, we request you to please note that Ashok Leyland has not received any consideration. The equity stake of Ashok Leyland has been brought down from 100% to 62%, consequent to allotment of further shares (preferential issue) in Hinduja Tech Limited. We also wish to bring to your kind attention to the fact that the proceeds of the fresh issue were received by HTL (which is an unlisted subsidiary of AL).

Source : BSE - www.bseindia.com

Published on November 27, 2014
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