Latest News – Hinduja Leyland Finance Ltd, a subsidiary of commercial vehicle major Ashok Leyland Ltd, offering vehicle finance and loan against property, has decided to call off its plans for an Initial Public Offering (IPO). The IPO was expected to take place in the previous fiscal year.
The company was expecting to raise around Rs 500 crore as equity through IPO. The IPO was planned during the last quarter of last year and with demonetisation, the company decided not to hit the market during the time.
“The Board of Directors of HLFL at their meeting held on May 23, 2017 had decided to withdraw the DRHP (Draft Red Herring Prospectus) and accordingly the DRHP had been withdrawn from Sebi on June 16, 2017,” said a filing by the company in the Bombay Stock Exchange.
“The existing investors infused around Rs 250 crore into the company (Read More)