Anita Lal, Mrs Rukmani Joshi and The Eicher Goodearth Trust, part of the promoter group of Eicher Motors Limited (“EML” or “Company”), have informed the company of selling 1,140,846 equity shares in EML
The number of equity shares they sold constitutes 4.2% of EML’s equity shares, for an aggregate realization of INR 2,100 crores. This sale has been done to provide liquidity to the promoters, and the profits 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% stake in EML against 54.87 percent earlier. The promoters have it in mind to maintain a majority share in EML, and do not plan to sell any further shares in the foreseeable coming days.
Siddhartha Lal, Managing Director and CEO, Eicher Motors Limited, who is also a part of the promoter group, stated: “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.”