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Eicher Motors' promoters sell 4.2 per cent stake in company

India Blooms News Service | | May 13, 2016, at 08:51 pm

#Eicher Motors # Eicher Motors Limited

Mumbai, May 13 (IBNS) Eicher Motors Limited (EML) -- the flagship company of the Eicher Group in India and a leading players in the Indian automobile industry -- announced in a regulatory filing on Friday that two of its promoters and The Eicher Goodearth Trust have sold their 4.2 per cent stake in the company.

Anita Lal, Rukmani Joshi and The Eicher Goodearth Trust, part of the promoter group of EML, informed the company that they have sold 1,140,846 equity shares in EML, representing 4.2 per cent of EML's equity shares, for an aggregate realization of ~Rs 2,100 crores.

This sale has been done to provide liquidity to the promoters, and the proceeds will be utilized for personal uses, such as portfolio and other investments, and for charitable purposes.

Following the sale, the promoter group will continue to hold 50.67 per cent stake in EML, according to the filing.

In the filing the company also said that the promoters intend to maintain a majority share in EML, and do not plan to sell any further shares in the foreseeable future.

Siddhartha Lal, Managing Director and CEO, Eicher Motors Limited, and also a part of the promoter group, said “EML is a standout success and we are immensely proud of our company's journey so far. We believe there is a huge growth potential for EML in its domestic and overseas markets. We have the right business strategy and management team to deliver our growth aspirations. I am excited to continue to steer EML’s next phase of growth.”

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