Thursday, May 16News That Matters

Citgroup Global buys 1.15% stake in Eicher Motor for Rs 619 crore


The firm purchased a total of 4,09,675 shares (representing 1.15% stake) of Eicher Motors through a bulk transaction on BSE

Foreign fund house Citigroup Global Markets Mauritius on Wednesday acquired shares worth more than Rs619 crore in Eicher Motors, in which Swedish company Volvo sold 4.7% stake for Rs1,920 crore.

A total of 4,09,675 shares (representing 1.15% stake) of Eicher Motors were purchased by Citigroup Global through a bulk transaction on stock exchange BSE. Shares of the company were picked up for an average price of Rs 15,111 apiece, amounting the total value of the transaction at Rs619.06 crore, as per bulk deal data of bourses.

Swedish commercial vehicle major AB Volvo on Wednesday sold around 4.7% stake (12.7 lakh shares) in Eicher Motors for $310 million (over Rs1,920 crore).

Eicher Motors’ joint venture with the Volvo group, VE Commercial Vehicles Ltd, designs, manufactures and markets reliable, fuel-efficient commercial vehicles of high quality and modern technology, engineering components and provides engineering design solutions. Eicher Motors manufactures and markets the iconic Royal Enfield motorcycles.

Shares of Eicher Motors on Wednesday jumped 1% to close at Rs16,050.15 apiece, on the BSE.

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