Landmark Cars up 2% as Bajaj Finance pares stake

Shares of Landmark Cars Limited traded 1.6 percent higher to Rs 791 in early trade on December 21 after Bajaj Finance sold 3.2 lakh shares in the luxury car retailer at Rs 805.58 per share, which amounted to Rs 25.77 crore.

The shares were sold at a 3.3 percent premium from the closing price of December 20 at Rs 779 on the National Stock Exchange.

At 9:19 am, the counter was trading at Rs 789, up 1.4 percent from the previous close on the NSE. Since the start of the year, the scrip has given a return of over 65 percent on the bourses.

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This isn’t the first time the NBFC giant has pared its stake in the company. In June this year, Bajaj Finance offloaded 2.25 lakh equity shares in Landmark Cars.

Recently, the company announced it entered southern India after getting approval from Mercedes-Benz India to open a workshop in Hyderabad.
“It is very exciting that Landmark will break ground in its tenth Indian state with this workshop. We are happy to further grow our footprint to 21 Mercedes-Benz outlets within five states of India,” company promoter and chairman Sanjay Thakker said.

Landmark is involved in dealerships for premium and luxury cars. It is operating in 29 cities across eight states and union territories. Its partners for passenger cars include Mercedes-Benz, Jeep, Honda, Volkswagen, Renault, BYD, and Morris Garage.

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