Acquisition

August 14, 2026 National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, C-1, Block G Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street Bandra (E), Mumbai - 400 051 Mumbai - 400 001 Scrip Code: ASHOKLEY Scrip Code: 500477 Through: NEAPS Through: BSE Listing Centre Dear Sir/Madam, Sub: Regulation 30 (Disclosure of events or information) - Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations) We wish to inform you that the Board of Directors at their meeting held today, have approved the following investments, subject to requisite approvals and requirements as relevant: - Investments up to a sum not exceeding GBP 25 million (approximately to ₹325 Crore) in Optare Plc. UK, subsidiary, as equity in one or more tranches. - Investments up to a sum not exceeding ₹500 Crore (Rupees Five Hundred Crores) in equity shares of Hinduja Housing Finance Limited, a step-down subsidiary of the Company, by way of secondary purchase of shares from Hinduja Leyland Finance Limited, a material subsidiary, in one or more tranches. The details as per the SEBI master circular for compliance with provisions of the SEBI Listing Regulations by listed entities bearing circular number SEBI/HO/49/14/14(7)2025- CFDPOD2/I/3762/2026 dated January 30, 2026, in Annexure A is attached herewith. We request you to kindly note and take the above information on record. The above agenda was approved by the Board at 1.10 P.M. IST. The Board meeting continues for discussing other agenda item(s). Thanking you, Yours faithfully, for ASHOK LEYLAND LIMITED N Ramanathan Company Secretary Annexure S. Hinduja Housing Finance Details of the Event Optare Plc. No. Limited (HHFL) 1. Name of the Target Optare Plc. U.K., subsidiary, is in Hinduja Housing Finance Limited entity, details in brief the business of manufacture (HHFL), a step-down subsidiary, is such as size, turnover and sale of Busses and the wholly-owned subsidiary of etc. Commercial Vehicles. Hinduja Leyland Finance Limited, a material subsidiary of the Revenue of Optare Plc. as at Company, registered with March 31, 2026 (on National Housing Bank (NHB). consolidated basis): ₹1,879.11 HHFL is primarily engaged in the Crores. business of providing loans for the purchase or construction of residential houses and is the third-largest affordable housing finance company in India. Revenue of HHFL as at March 31, 2026: ₹1,932.50 Crores. 2. Whether the acquisition Yes Yes would fall within related party transaction(s) Whether the promoter/ Yes. Hinduja Automotive Yes. Hinduja Leyland Finance promoter group/ group Limited, promoter of Ashok Limited (HLFL), a material companies have any Leyland Limited, holds 6.26% of subsidiary of Ashok Leyland (AL) interest in the entity the share capital of Optare Plc. holds 100% of the share capital of being acquired HHFL. If yes, nature of interest Yes. The investment is being Yes. The investment is being and details thereof and undertaken based on a undertaken based on a valuation whether the same is valuation report from an report from an Independent done at "arm's length" Independent Valuer. Valuer. 3. Industry to which the Automobile Non-Banking Financing Services entity being acquired belongs 4. Objects and effects of Towards repayment of loan / The objective of the secondary acquisition (including other business requirements. sale of HHF Shares by HLFL is to but not limited to, generate funds for its business disclosure of reasons for growth and other requirements. acquisition of target This could indirectly help AL by entity, if its business is way of HLFL lending more to outside the main line of customers for CV purchases. business of the listed Further, HHF is expected to entity) deliver strong growth with stable asset quality over the coming years. Therefore, the investment by AL in HHF would be value accretive. S. Hinduja Housing Finance Details of the Event Optare Plc. No. Limited (HHFL) 5. Brief details of any Not applicable Not applicable governmental or regulatory approvals required for the acquisition 6. Indicative time period March 31, 2027 March 31, 2027 for completion of the acquisition 7. Nature of consideration Cash Cash – whether cash consideration or share swap and details of the same 8. Cost of acquisition or Not exceeding GBP 25,000,000 Not exceeding ₹500 Crores the price at which the (GBP Twenty-five Million only) (Rupees Five Hundred Crore) shares are acquired (approximately ₹325 Crores). 9. Percentage of The current shareholding of the Currently the Company indirectly shareholding/ control Company in Optare Plc. is holds 61.12% in HHFL. Post acquired and /or 93.28%. Post allotment, allotment direct shareholding of number of shares shareholding of the Company the Company would be 8.90% acquired would be 93.49%. and indirect holding would be 55.68% 10. Brief background about Optare Plc U.K.., subsidiary, is Hinduja Housing Finance the entity acquired in into manufacture and sale of Limited, a wholly owned terms of products/line Busses and Commercial subsidiary of HLFL and forms part of business acquired, Vehicles. Optare Plc is the of the broader Hinduja Group. It date of incorporation, holding Company of the Electric has emerged as one of India's history of last 3 years Vehicle initiatives of the leading affordable turnover, country in Company viz., Switch Mobility housing finance NBFCs, with a which the acquired Limited, U.K. and Switch Mobility sharp focus on extending credit entity has presence and Automotive Limited. to self-employed and any other significant underserved segments across information (in brief) Date of Incorporation: January Tier II, Tier III and semi-urban 23, 2008. markets. The turnover of Optare Plc. (on a consolidated basis) is as below: D a t e o f I n c o r p o r a t i o n : A p r i l 1 5 , FY 2025-26 ₹1,879.11 Crores 2015 FY 2024-25 ₹1,213.41 Crores The turnover of HHFL for the last FY 2023-24 ₹696.38 Crores three financial year is as below: FY 2025-26 ₹1,932.50 Crores FY 2024-25 ₹1,662.08 Crores FY 2023-24 ₹1,137.94 Crores