Mumbai, June 24: Ashok Leyland Finance has raised Rs 1 billion by securitising some of its receivables from hire-purchase schemes and loans for financing cars, trucks, buses, multi-purpose utility vehicles and construction equipment, merchant bankers said on Tuesday. The issue, which opened for book-building on June 13 and closed on Monday, was subscribed to by mutual funds and banks.

It has two series.
The receivables under the first series have a door-to-door maturity of 18 months and an average maturity of 10.3 months.

The door-to-door maturity for receivables under the second series is 33 months and the average maturity is 22 months.
The annualised interest rates, as decided by book-building for both the series, were set at the upper ends of their respective indicative bands at 6.05 per cent and 6.55 per cent respectively. Interest is payable monthly. Bureau Report