Crime Today News
The Hinduja Group, which controls several listed companies such as IndusInd Bank, NXTDIGITAL and Ashok Leyland, has pledged around 30 crore shares of Ashok Leyland, the group’s flaship company in India.
The pledge was created through Hinduja Automotive Ltd, a UK-based holding company and a key part of the Hinduja Group, which serves as the primary vehicle through which the Hinduja family holds its stake in Ashok Leyland.
Hinduja Automotive Ltd holds a significant 35.01% stake, or 1.02 million shares, in Ashok Leyland, with the newly pledged shares representing nearly a third of their total holdings in the company. They also account for over 10% of the total shares of the automaker.
At the closing price of Rs 214 each, the 30 crore shares of the CV maker are worth around Rs 6,432 crore. However, the actual amount of the loan was not disclosed in the regulatory filing.
While it was clear that the pledge was made in favor of overseas lenders, the identity of the lenders was not disclosed. The purpose of the loan facility wasn’t disclosed in the regulatory filing.
The move comes at the time of a drastic decline in the value of IndusInd Bank, the second major holding of the Hinduja Group in India.
IndusInd Bank shares had fallen to Rs 637 this week from their peak of Rs 1,079 in February. The bank’s stock plummeted 27% in a single day due to discrepancies in its derivative portfolio.
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