Chennai: The boards of automobile parts maker Hinduja Foundries Ltd and heavy commercial vehicle maker Ashok Leyland Ltd have approved a proposal to merge the companies. Both Hinduja Foundries and Ashok Leyland are part of the Hinduja group. We are confident that the roll out of the best practices of Ashok Leyland Ltd will benefit Hinduja Foundries Ltd,” said Vinod K. Dasari, chief executive officer and managing director, Ashok Leyland Ltd. “One 2016 series GDRs of Hinduja Foundries will get 4,800 equity shares of Rs.1 each fully paid of Ashok Leyland Ltd. Hinduja Foundries will continue to grow its relationships with other customers,” said Dasari. At 1.40pm, stocks of Ashok Leyland fell 3.49% to Rs.81.60, while Hinduja Foundries shares were down 19.93% to Rs.44.

Source: Mint September 15, 2016 08:26 UTC