Stellantis has announced the distribution of the stake it still holds in auto parts maker Faurecia to its shareholders. 

Stellantis shareholders will decide on the distribution of the shares and up to €308m raised from a previous equity sale in Faurecia, in a meeting on March 8, the group said in a statement. 

The stake in Faurecia was previously held by the former PSA, which merged with Fiat Chrysler (FCA) earlier this year to create Stellantis, the world's fourth largest car maker. 

The stake distribution was part of the deal between the two companies. 

PSA initially held a 46% stake in Faurecia, but last year it said it sold a 7% stake, keeping the €308m cash it raised for distribution to Stellantis shareholders after the merger completion.