New Delhi, Oct 17 (PTI) Non-banking financial firm Hinduja Leyland Finance (HLF), a subsidiary of commercial vehicle maker Ashok Leyland, on Monday announced raising Rs 910 crore from Qualified Institutional Buyers (QIB).

The company's board approved the allotment of issuance of 65 million equity shares of Rs 10 each at an issue price of Rs 140 per share aggregating to the total of Rs 910 crore.

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Shares will be issued to five QIBs, and they will collectively hold 12.16 per cent in Hinduja Leyland Finance after allotment.

With this fund raise through QIBs, parent Ashok Leyland (ALL) shareholding in HLF has fallen from 68.8 per cent to 60.43 per cent, it said.

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The infusion leads to increase in capital adequacy ratio of HLF from 18.70 per cent in March 2022 to 22.50 per cent.

The Chennai-based company primarily focuses in the vehicle finance business, having established a presence in the entire spectrum of vehicle business in the country.

The company also focuses on mortgages business and has a presence in affordable housing finance through its fully owned subsidiary Hinduja Housing Finance.

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