Hinduja Automotive Ltd bought 2.6 crore Ashok Leyland shares from Lotus Global Investments Ltd through the open market, according to information available with the stock exchanges.
The shares were bought at an average price of Rs 15.8 each, valuing the transaction at Rs 41.08 crore, the data showed. Ashok Leyland shares surged 4.43 per cent to close at Rs 16.50 on the BSE.
As of the quarter ended June, Hinduja Automotive held 102.72 crore Ashok Leyland shares, amounting to a 38.61 per cent stake in the company.
Ashok Leyland launched a multi-purpose vehicle 'Stile' this week, at prices ranging from Rs 7.49 lakh to Rs 9.29 lakh (ex-showroom Delhi), seeking to strengthen its light commercial vehicle business in the country.