MUMBAI: Commercial vehicles manufacturer Eicher Motors on Thursday said that it has approved the proposal to buy-back its equity shares following a
request to this effect from promoters.
The board of directors of the firm, approved the buy-back offer upon request of its promoters and principal shareholders - Eicher Goodearth Investments Ltd (EGIL), Eicher Motors said in a filing to the Bombay Stock Exchange.
The board took up the matter and passed the resolution granting in principal approval for the buy back of its shares through tender offer route, it said.
The buy-back would in the same proportion as sale of promoter holding to global auto major Volvo (ratio of promoter shares sold to Volvo to the total holding of shares by promoter) at the same price of Rs 691.68 per share, it said.
Shares of the company closed at Rs 166.40 on Wednesday, up 7.53 per cent from the previous close on the BSE.
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