Ashok Leyland to raise FII ceiling to 40 pc from 24 pc

New Delhi, Aug 2 (UNI) Commercial vehicles major Ashok Leyland today said its shareholders have approved to increase its ceiling for foreign investment to 40 per cent from the present 24 per cent.

''The shareholders have approved by a special resolution an increase in the ceiling for investments by FIIs from 24 per cent to 40 per cent of the paid-up equity share capital of the company.

The flagship company of Hinduja Group posted a net profit of Rs 69 crore for the quarter ended June 2006 as against Rs 64.3 crore in the corresponding period last year.

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