Eicher Motors shares slip nearly 4% after promoters sell stake

Eicher Motors Ltd (EML) on Friday said two of its promoters and Eicher Goodearth Trust have sold 4.2% stake in the company for Rs 2,100 crore. Post the development, shares of Eicher Motors were trading at Rs 19,025.00, down Rs 724.55 or 3.67% at 1213 hours on the BSE. 

"Anita Lal, Rukmani Joshi and The Eicher Goodearth Trust, part of the promoter group... have sold 11.40 lakh equity shares in EML, representing 4.2% of EML's equity shares, for an aggregate realisation of Rs 2,100 crore," Eicher Motors said in a regulatory filing.

With the stake sale, the commercial vehicle manufacturer, which also owns niche bike maker Royal Enfield, said promoter group shareholding now stands at 50.67%.

It further said: "This sale has been done to provide liquidity to the promoters, and the proceeds will be utilised for personal uses, such as portfolio and other investments, and charitable purposes."

The company said the promoters intend to maintain a majority share in EML and "do not plan to sell any further shares in the foreseeable future.”