Volvo sells residual stake in Eicher Motors for INR 1,731 cr
Volvo AB has exited Eicher Motors by selling off its entire stake for INR 1,731 crore. Volvo sold its 3.7% stake, comprising 10 lakh shares, through a bulk deal on the BSE.
On Thursday, the Gothenburg-headquartered company sold the shares at ₹17,214.34 a piece. Citigroup Global Markets Mauritius was the largest buyer, purchasing 2,64,818 shares, according to the stock exchange data. Citigroup bought the shares at ₹17,190 apiece.
Earlier, on March 4, the financial services company had picked up 4,09,675 shares for ₹15,111, when Volvo sold a 4.6% stake.
In 2008, Volvo had picked up an 8.4% stake in Eicher for INR 157 crore.
Over 13.02 lakh shares of Eicher, which also makes the Royal Enfield range of motorcycles, changed hands on the BSE with a delivery percentage of 77.27, while that on NSE stood at over 3.31 lakh with a delivery percentage of 16.59.
There will be no change in the functioning of VE Commercial Vehicles (VECV), an equal joint venture between Volvo Group and Eicher Motors.
Eicher said in a statement, “All investments and business plans at VECV will continue as planned.”
Shares in Eicher Motors closed 5.64% lower, at ₹17,182.35, on the BSE on Thursday.