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CCEA okays sale of Maruti's shares to staff
Our Bureau
New Delhi
,
Feb. 22
THE Cabinet Committee on Economic Affairs has approved offering 39,777 shares of Maruti Udyog Ltd to 1,994 of the company's employees.
In January this year, while selling 8 per cent of MUL equity to public sector financial institutions and public sector banks, the Government announced it would offer up to 20 shares each to all MUL employees.
They were offered to the employees at Rs 660 per share, which was the lowest cut off price at which the sale was concluded.
While 3,596 MUL employees were eligible to avail themselves of the offer, only 1,994 employees conveyed their willingness to take up the offer.
The Government is likely to raise Rs 2.62 crore from the sale and its shareholding will come down to 10.27 per cent from the current holding of 10.28 per cent.
"The sale is likely to be completed this month itself or in any event by early March this year," the Finance Minister, Mr P. Chidambaram, told newspersons.
There would be no lock-in period for the shares sold to the employees, the Minister added.
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