Ashok Leyland said on Wednesday it has acquired 1.7 crore shares of Rs 10 each constituting 3.62 per cent of the paid-up equity share capital of Hinduja Leyland Finance Ltd (HLFL).
HLFL, a non-banking finance company, is a subsidiary of Ashok Leyland. "Consequent to the aforesaid acquisition, the company's shareholding in HLFL stands increased from 61.83 per cent to 65.45 per cent," it said in a statement.
"The aforesaid acquisition is part of the 6.99 per cent acquisition approved by the board of directors at a meeting held on March 21," it added.
In the financial year ended March 31, 2019, HLFL had a revenue of Rs 2,560.64 crore.
Ashok Leyland is the flagship company of Hinduja Group and India's largest commercial vehicle manufacturer. It recently became the third-largest bus maker in the world.