Investing.com-- Shares of Ashok Leyland Ltd. (NSE: ASOK ) jumped on Wednesday after a MoneyControl report stated that India’s second-largest commercial vehicle maker is close to finalizing a full acquisition of SML Isuzu Ltd (NSE: SMLI ).

Japan’s Sumitomo Corp. (TYO: 8053 ) and Isuzu Motors, which jointly hold nearly 59% in SML Isuzu, are in advanced talks with Ashok Leyland for the sale of their stakes, MoneyControl reported, citing sources familiar with the discussions.

Sumitomo owns approximately 44%, while Isuzu holds 15%.

The combined stake of Sumitomo and Isuzu is valued at around 1,350 crore rupees, with Ashok Leyland potentially offering a 10-15% premium on the three-month average stock price, Money Control reported.

As of 11:30 IST, Ashok Leyland shares jumped 4.3% to 219 rupees, their highest level since March 3.

SML Isuzu shares were also trading 3.4% higher at 1,663 rupees.

Ashok Leyland has scheduled a corporate update call with investors on March 26 following a board meeting held on short notice, the report stated.