In a filing to the BSE, the company said it has divested its entire stake of 100 percent ownership interest held in Avia Ashok Leyland Motors s.r.o. to a strategic investor as part of restructuring of investment in subsidiaries.
Hinduja Group flagship firm Ashok Leyland on Monday announced selling its entire holding in Czech arm Avia Ashok Leyland Motors to an undisclosed 'strategic investor' for a cash realisation of USD 10.96 million.
In a filing to the BSE, the company said it has divested its entire stake of 100 percent ownership interest held in Avia Ashok Leyland Motors s.r.o. to a strategic investor as part of restructuring of investment in subsidiaries.
"The relevant agreements to this effect have been signed and closing of the deal has been completed," it said. Consequently, Avia Ashok Leyland Motors s.r.o. has ceased to be a wholly-owned subsidiary of the company with immediate effect, the filing said.
"The above transaction has resulted in cash realisation of USD 10.96 million to the company," it added. In 2006, Ashok Leyland had acquired Avia Truck Business Unit, a leading vehicle manufacturer in Europe, at an estimated cost of around USD 35 million and helped it expand in global markets, and also improve product portfolio.
It was later rechristened as AVIA Ashok Leyland Motors and produced a class of trucks with gross vehicle weights of 6.5 to 12 tonnes.
Due to a slowdown in Indian commercial vehicles market in the past couple of years, Ashok Leyland had announced VRS in 2013 to cut costs.
However, it has recovered to some extent in the past year. Its standalone net profit in the nine months ended December 31, 2014 stood at Rs 104.83 crore, while in the corresponding period a year ago, it had a net loss of Rs 334.01 crore.
Ashok Leyland shares closed 6.32 percent up at Rs 74 per scrip on the BSE on Monday.
Ashok Leyland stock price
On March 30, 2015, Ashok Leyland closed at Rs 74.00, up Rs 4.40, or 6.32 percent. The 52-week high of the share was Rs 76.05 and the 52-week low was Rs 21.80.
The company's trailing 12-month (TTM) EPS was at Rs 1.65 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 44.85. The latest book value of the company is Rs 15.69 per share. At current value, the price-to-book value of the company is 4.72.
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