Enthused by the oversubscription to its offer to sell its remaining 10.27% equity in Maruti Udyog (MUL), the country’s largest car maker, the government hopes to raise around Rs 2,500 crore from the auction. The total number of bids received were for around 3,59,00,000 shares as against 2,96,79,709 shares on offer (1.21 times the subscription).
A Finance Ministry official said the auction process is likely to be completed tomorrow itself at a meeting of an empowered group of ministers (eGoM), which is overseeing the sale. The Maruti scrip was trading at Rs 802.85 towards close of trade on BSE, up from the previous close of Rs 800.
Financial bids for the shares, at a floor price of Rs 760, were deposited today by 36 of the 39 companies that expressed interest to participate in the auction. The highest bid of Rs 850 per share for a lot of 1,00,000 shares came in from public sector Corporation Bank. The lowest bid of Rs 765 came from the Union Bank of India.
As many 20 public sector banks, insurance firms and mutual funds put in bids, along with private sector entities like HDFC among others. State Bank of India and a couple of its associates, IDBI, GIC and Canara Bank also participated in the auction.
Read more in The Business Standard article.
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