Eicher Motors Ltd (EML) on Friday said that three of its promoters have sold 4.2% of the company’s equity shares to raise Rs.2,100 crore. Shares of Eicher Motors fell as much as 4.17% to Rs.18,925.55 apiece, while the benchmark Sensex index was down 1% to 25,536 points. “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,” the company said in a statement. The promoter group will continue to hold 50.67% stake in the firm. “The promoters intend to maintain a majority share in EML, and do not plan to sell any further shares in the foreseeable future,” the statement added. Apart from making trucks and buses, Eicher Motors is also known for its iconic Royal Enfield motorcycles. Among those who have participated in the share sale are Anita Lal, mother of company chief executive and managing director Siddharth Lal; Rukmani Joshi, Lal’s sister; and the Lal-family governed The Eicher Goodearth Trust. Mint could not ascertain the personal shareholding pattern of the family in Eicher Motors immediately. Also read: India’s Royal Enfield rides into Indonesia This story was first published [...]
↧