Foreign fund house Citigroup Global Markets Mauritius today acquired shares worth more than Rs 619 crore in Eicher Motors, in which Swedish company Volvo sold 4.7 per cent stake for Rs 1,920 crore.
A total of 4,09,675 shares (representing 1.15 per cent 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 Rs 619.06 crore, as per bulk deal data of bourses.
Swedish commercial vehicle major AB Volvo today sold around 4.7 per cent stake (12.7 lakh shares) in Eicher Motors for USD 310 million (over Rs 1,920 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 today jumped 1 per cent to close at Rs 16,050.15 apiece, on the BSE.
