Govt to invite FIs' bids for Maruti
The government will invite expression of interest from financial institutions for selling a part of its remaining stake in Maruti Ugyog Limited.
By PTI |
NEW DELHI: The government will invite expression of interest from financial institutions for selling a part of its remaining stake in Maruti Ugyog Limited next week.
"The expression of interest from public sector financial institutions for 8.0 per cent (of 18.28 per cent) shares of government in Maruti will be invited next week," sources said.
The government proposes to sell a part of its remaining equity in Maruti to financial institutions through a bidding process. It will offload 10.28 per cent shares in 2006.
The advisors for the sale - SBI Capital Markets and Kotak Mahindra - have reportedly arrived at the floor price of the Maruti shares keeping the market price as a benchmark.
Based on the today's price of Maruti scrip on Bombay Stock Exchange, the government is expected to raise close to Rs 1,500 crore from the sale.
If the sale of Maruti shares is completed without hiccups, the government may use this mode of disinvestment in other cases too, sources added.
"The expression of interest from public sector financial institutions for 8.0 per cent (of 18.28 per cent) shares of government in Maruti will be invited next week," sources said.
The government proposes to sell a part of its remaining equity in Maruti to financial institutions through a bidding process. It will offload 10.28 per cent shares in 2006.
The advisors for the sale - SBI Capital Markets and Kotak Mahindra - have reportedly arrived at the floor price of the Maruti shares keeping the market price as a benchmark.
Based on the today's price of Maruti scrip on Bombay Stock Exchange, the government is expected to raise close to Rs 1,500 crore from the sale.
If the sale of Maruti shares is completed without hiccups, the government may use this mode of disinvestment in other cases too, sources added.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
