Hinduja Group flagship firm Ashok Leyland on Thursday said it has entered an agreement with Nissan International Holding BV to acquire 38 per cent stake in Hinduja Tech for Rs 70.20 crore.
"The company has entered into a share purchase agreement with Nissan International Holding BV to acquire 58,500,000 shares for a total consideration of Rs 70.20 crore constituting 38 per cent in the paid-up share capital of Hinduja Tech Ltd. Consequent to the aforesaid acquisition, HTL will become a wholly owned subsidiary of the company," Ashok Leyland said in a regulatory filing.
In November 2014, Ashok Leyland had sold 38 per cent stake in Hinduja Tech (HTL) to Nissan International Holdings BV, investment arm of the Japan-based Nissan Group, for an undisclosed sum.
The Chennai-based commercial vehicle did not share the reasons for buying back stake.
At the time of the stake sale, Ashok Leyland in a regulatory filing had said: "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 Ashok Leyland now stands at 62 per cent".
Prior to the stake sale, Hinduja Tech Ltd was wholly-owned unlisted subsidiary of Ashok Leyland.
Hinduja Tech Ltd is engaged in the business of IT and ITeS industry and reported consolidated revenue as on March 31, 2020 of Rs 226 crore.
Shares of Ashok Leyland were trading 1.30 per cent higher at Rs 128.70 apiece on BSE.