Volvo Cars proposes to distribute 62.7% Polestar stake to shareholders

volvo cars proposes to distribute 62.7% polestar stake to shareholders

FILE PHOTO: A Volvo logo is seen at a car dealership in Vienna, Austria, May 30, 2017. REUTERS/Heinz-Peter Bader/File Photo

(Reuters) – Volvo Cars said on Friday it plans to distribute 62.7% of its stake worth 9.5 billion Swedish crowns ($920.17 million) in Polestar Automotive Holding to its own shareholders.

After completion of the proposed distribution, Volvo Cars said it will remain with an 18% stake in Polestar.

($1 = 10.3242 Swedish crowns)

(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Sherry Jacob-Phillips)

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