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Swedish commercial vehicle manufacturer Volvo AB has exited Eicher Motors by selling off its entire stake for ₹1,731 crore. Volvo sold its 3.7 per cent 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 per cent stake.
In 2008, Volvo had picked up an 8.4 per cent stake in Eicher for ₹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.
“All investments and business plans at VECV will continue as planned,” Eicher said in a statement.
Shares in Eicher Motors closed 5.64 per cent lower, at ₹17,182.35, on the BSE on Thursday.
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