ZF Group sells 7.5 percent stake of its holding in ZF Commercial Vehicle Control Systems India Limited

The world's 3rd largest automotive supplier has sold 1,425,000 shares, equalling 7.5 percent stake, in its listed Indian subsidiary, ZF CVCS India, to increase liquidity and financial flexibility for its growth plans.

The sale of shares has no effect on ZF's control of ZF CVCS India, as it is the long-term strategy of ZF to maintain a solid majority shareholding in the entity. ZF CVCS India is the market-leader in the Indian CV supplier industry and remains an important pillar in ZF´s global growth strategy.

On the back of a supportive market environment in India, ZF CVCS India has shown a strong operating and financial performance.

The transaction will strengthen the financial flexibility of ZF, allowing it to invest in its further growth, and in the dynamically developing Indian market.

Shares of ZF Commercial Vehicle Control Systems India Limited was last trading in BSE at Rs. 16216.55 as compared to the previous close of Rs. 17203.90. The total number of shares traded during the day was 13320 in over 2046 trades.

The stock hit an intraday high of Rs. 17200.00 and intraday low of 15799.95. The net turnover during the day was Rs. 215607063.00.

Source : Equity Bulls

Keywords

ZFCommercialVehicleControlSystemsIndia INE342J01019 ZFGroup StakeSale