Vanguard picks up Eicher Motors shares worth Rs 309 cr

New Delhi: Investment management company Vanguard Group Inc today picked up 1.57 lakh shares of Eicher Motors for an estimated Rs 309 crore through open market transaction.[caption id=“attachment_2303796” align=“alignleft” width=“380”]  New stakeholder for Eicher Motors. Agency[/caption] A total of 1,57,058 shares (representing 0.58 percent stake) of Eicher Motors were bought by Vanguard Group through a bulk deal transaction on the National Stock Exchange. Shares of the company were purchased on an average price of Rs 19,676.89, valuing the transaction at Rs 309.04 crore. However, the identity of seller of the shares could not be ascertained immediately. Earlier in March, Citigroup Global Markets Mauritius had acquired 1.15 percent stake worth more than Rs 619 crore in Eicher Motors. Swedish company AB Volvo had sold 4.7 percent stake in Eicher Motors for Rs 1,920 crore in March this year. 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. The company’s stock closed at Rs 19,471.15, marginally lower than the previous close on the BSE. PTI