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India's Hinduja Leyland Finance files prospectus for IPO

India-based Hinduja Leyland Finance Ltd a nonbanking finance company, filed a draft red herring prospectus with the Securities and Exchange Board of India to raise 5 billion rupees through an issuance of equity shares, with a share sale of 6 billion rupees, The Hindu reported June 14, citing S. Nagarajan, the company's executive vice chairman.

Nagarajan said private equity firm Everstone owns a stake of more than 13% in the Ashok Leyland unit and is looking to dilute 50% of its stake.

Axis Capital, Citi Group Global Markets India and YES Securities are book-running lead managers for the issue, the publication noted.

As of June 14, US$1 was equivalent to 67.64 Indian rupees.