Financial Daily from THE HINDU group of publications
Tuesday, Jan 28, 2003
Financial Daily from THE HINDU group of publications Tuesday, Jan 28, 2003 |
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Markets
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IPOs Corporate - IPOs Maruti IPO to hit market in March Our Bureau
NEW DELHI, Jan. 27 THE maiden public issue for the sale of Government equity in car maker Maruti Udyog Ltd (MUL) will hit the market by the middle of March, a senior official with the Disinvestment Ministry said here on Monday. "We have fixed March 17 as the tentative date for the launch of Maruti IPO'', the official said. The road shows for the IPO would be held in two rounds including a pre-maketing road show scheduled in the first fortnight of February and the final road show in early March, the official said. Road shows are likely to be held in the US, England, Singapore, Dubai and Hong Kong. The Government will file the prospectus for the IPO with the Securities and Exchange Board of India (SEBI) sometime in February. The public issue will mark the second stage of disinvestment in Maruti after the Japanese joint venture partner Suzuki Motor Corporation (SMC) acquired management control of the car maker last year. As per the revised joint venture agreement signed between the two sides, the Government will offer 25 per cent of its residual equity in MUL by March through an IPO. Suzuki has agreed to underwrite the shares on offer at Rs 2,300 per share. The Government plans to exit completely from Maruti by selling its remaining stake in the next financial year. Meanwhile, the Disinvestment Ministry has decided to seek a meeting of the Cabinet Committee on Disinvestment (CCD) in the first week of February to finalise the transaction documents for the privatisation of Engineers India Ltd, Shipping Corporation of India (SCI) and Hindustan Copper Ltd, all of which are at an advanced stage of disinvestment. Once the share holders and share purchase agreements for the deal were frozen by the CCD, the Disinvestment Ministry could go ahead and invite financial bids for selling controlling stakes in SCI, EIL and HCL, the official said.
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