Hinduja Foundries to raise Rs 300 crore from promoters

 
Hinduja Foundries, the foundry arm of Hinduja Group, is planning to raise around Rs 300 crore from its promoters, including country's leading commercial vehicles major Ashok Leyland. The fund raising will be through non-convertible cumulative preference shares. Out of the this amount, Rs 150 crore has been subscribed to and paid by Ashok Leyland, one of the promoters, during September-October 2012. The balance of Rs 150 crore is programmed to be subscribed in March 2013 as per the current schedule of subscription.