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The board of Hinduja Ventures on Thursday accorded its approval for making an investment of ₹7.946 crore in Hinduja Leyland Finance Ltd through rights issue. The company has subscribed 7,89,784 shares of ₹10 each offered to it on rights basis in the proportion of 1 new share for every 28 shares (1:28) held in Hinduja Leyland Finance and 4,883 equity shares of HLFL renounced in favour of the company at ₹100 a share. The company's shareholding after the rights issue will increase to 2.29 crore equity shares (from 2.21 crore equity shares), which would be equivalent to 5.23 per cent on the enhanced equity paid-up capital of HLFL. The percentage of holding remains unchanged on the enhanced equity base of HLFL. The stock of Hinduja Ventures gained 0.96 per cent at ₹534.8 on the NSE.
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