Swedish commercial vehicle manufacturer Volvo AB has reportedly exited Eicher Motors by selling off its entire stake for Rs 1,731 crore. Volvo sold its 3.7 per cent stake, comprising 10 lakh shares, through a bulk deal on the BSE.
On June 4, 2015, the Gothenburg-headquartered company sold the shares at Rs 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 Rs 17,190 a piece.
There will be no change in the functioning of VE Commercial Vehicles (VECV), an equal joint venture between Volvo Group and Eicher Motors.
Eicher Motors is one of the leading manufacturers of commercial vehicle. It has manufacturing facilities located in Madhya Pradesh, Tamil Nadu, Maharashtra, and Haryana.
