Ferrari (RACE) stakeholder Exor said Thursday that it has sold 7 million of its shares in the Italian carmaker, or about 4% of the total outstanding shares of the company, to institutional investors for total proceeds of 3 billion euros ($3.14 billion).

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Ferrari said Thursday that it committed to buying 666,666 of the shares for a total of 300 million euros as part of a 2.0 billion euro repurchase program now under way.

Ferrari and Exor said the transactions are expected to settle on March 3.

Exor, a Dutch-listed holding company, said that it remains Ferrari's single largest shareholder with about 20% of economic rights and 30% of the voting rights after the sale. It has also has agreed to a 360-day lock-up commitment for its remaining shares.

Ferrari shares were down more than 3.8% in recent premarket activity.