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Eicher Motors dips after block deal

SI Reporter / Mumbai 13 May 16 | 11:19 AM

Eicher Motors has dipped 7% to Rs 18,380 on the National Stock Exchange (NSE) in early morning trade after promoters sold more than 4% stake in the company through open market transaction.

The company said Mrs Anita Lal, Mrs Rukmani Joshi and The Eicher Goodearth Trust, part of the promoter group of Eicher Motors (EML) have sold 1.14 million equity shares of EML, representing 4.2% of EML’s equity shares, for an aggregate realization of Rs 2,100 crore.

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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, it added.

Following the sale, the promoters group will continue to hold 50.67% stake in EML. The promoters intend to maintain a majority share of EML, and do not plan to sell any further shares in the foreseeable future, the company said.

The name of the buyers not immediately ascertained.

The stock trims early morning losses and was trading 4% down at Rs 18,919 on the NSE at 11:17 am. It hit high of Rs 19,553 so far. A combined 1.38 million shares changed hands on the NSE and BSE.

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