ZF group said it had sold 14.25 lakh equity shares, or 7.5% stake, in its listed Indian subsidiary ZF Commercial Vehicle Control Systems India to institutional investors to raise liquidity and financial flexibility for its growth plans.
The sale has no effect on ZF’s control of ZF CVCS India, as it is the firm’s long-term strategy to maintain a majority shareholding.
ZF CVCS India is the market-leader in the commercial vehicle supplier sector and remains an important pillar in ZF’s global growth strategy, the third largest automotive supplier said in a statement.
This transaction will strengthen ZF’s financial flexibility, allowing it to invest in growth and in the dynamically developing Indian market.
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