India’s largest car maker Maruti Udyog Ltd. will list on the National Stock Exchange and the Bombay Stock Exchange on Wednesday or Thursday, Dow Jones reported on Monday, citing a Press Trust Of India report that quoted Maruti’s managing director Jagdish Khattar.
Khattar reportedly spoke to reporters on the sidelines of Suzuki Motor Corporation Chairman Osamu Suzuki’s meeting with Disinvestment Minister Arun Shourie, Dow Jones said, and declined to comment on the strategy to be adopted by the parent company for Maruti in the future.
Dow Jones noted that Maruti Udyog was a joint venture between Suzuki and the Indian government and added that the listing comes after Maruti’s $US180 million IPO for a 25% stake in the company that was last month 10 times oversubscribed.
The company fixed a price of 125 rupees ($1=INR46.28) per share and is to allot most of the shares to retail investors, Dow Jones said, adding that, following the IPO, the government holds 20% of the company.