Shares of Ashok Leyland, one of the largest commercial vehicle manufacturers, on February 25 announced that the company has decided to acquire a 38% stake in Hinduja Tech (HTL).

“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.70,20,00,000 constituting 38% in the paid-up share capital of Hinduja Tech (HTL), the company said on Thursday.

Consequent to the aforesaid acquisition, HTL will become a wholly owned subsidiary of the Company. The Company owns 62% in the paid-up share capital of HTL and the remaining is held by Nissan International Holding B.V.

Shares of Ashok Leyland are trading at Rs 130.30, up Rs 4.45, or 3.54% at the Bombay Stock Exchange (BSE) on Thursday at 2:37 p.m.

The scrip has touched an intra-day high of Rs 131.60 and low of Rs 127.30. The total volume of shares traded at the BSE is 2,073,181.

Currently, the stock is trading down 6.16% from its 52-week high of Rs 138.85 and above 286.65% over the 52-week low of Rs 33.70.