Govt to exit Maruti, mop up over Rs 2,700cr
The government today decided to completely exit auto major Maruti through the sale of its residual 10.27% stake, which at current market price is expected to fetch the exchequer over Rs 2,700 crore.
The Cabinet Committee on Economic Affairs (CCEA) gave the go-ahead to the sale of government’s remaining 2,96,79,689 shares (as on September 31, 2006) in Maruti, the second such exercise this year.
Japanese car giant Suzuki has a majority 54.2% stake in the company.
The government had in January this year mopped up Rs 1,567 crore from sale of 8% equity in the car major to banks and financial institutions at an average price of Rs 678.24 share.
Maruti shares were trading at Rs 940, up 1.84%, in late afternoon on the BSE today.
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