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Carmaker Maruti shares to be listed on bourses this week
Tuesday, 08 July 2003, 19:30 IST
NEW DELHI: Shares of India's largest carmaker Maruti Udyog Limited will be listed on domestic bourses Wednesday or Thursday, a top company official said Monday.
Shares of Maruti, a unit of Japanese automobile giant Suzuki Motor Corporation, will be listed on the Bombay Stock Exchange and National Stock Exchange, Maruti Udyog managing director Jagdish Khattar told media persons here.
The Indian government, which is divesting 25 percent of its 45.8 percent stake in Maruti through an initial public offering (IPO), had earlier announced that the company's shares would be listed on domestic bourses at 
125.
The government has decided to increase the number of shares to be issued to individuals after the company last month concluded a highly successful IPO of 72.24 million shares.
The issue has been subscribed nearly 10 times, making it the second largest IPO collection in the Indian market. Bids were received for over 692.10 million shares, as against the issue size of 72.24 million shares.
Suzuki Motor took management control of Maruti from the Indian government in May 2002, as part of the latter's privatisation programme. The Japanese auto major holds a majority 54.2 percent stake.
Maruti Monday also announced the induction of three independent directors and one part-time director on the company's board.
"All the new members are eminent people in their respective fields and will contribute to enhance the quality of corporate governance at Maruti Udyog," said a company statement.
The three independent directors are Kumaramangalam Birla, chairman of A.V. Birla Group, Amal Ganguli, former chairman of PricewaterhouseCoopers India, and Pallavi Shroff, senior partner of Amarchand and Mangaldas and Suresh A. Shroff and Company.
R.C. Bhargava, former managing director of Maruti Udyog, has joined the company's board as part-time director.
The company's board approved these appointments at a meeting here that was attended, among others, by O. Suzuki, chairman and CEO of Suzuki Motor Corporation, said the statement.
Source: IANS
125.
The government has decided to increase the number of shares to be issued to individuals after the company last month concluded a highly successful IPO of 72.24 million shares.
The issue has been subscribed nearly 10 times, making it the second largest IPO collection in the Indian market. Bids were received for over 692.10 million shares, as against the issue size of 72.24 million shares.
Suzuki Motor took management control of Maruti from the Indian government in May 2002, as part of the latter's privatisation programme. The Japanese auto major holds a majority 54.2 percent stake.
Maruti Monday also announced the induction of three independent directors and one part-time director on the company's board.
"All the new members are eminent people in their respective fields and will contribute to enhance the quality of corporate governance at Maruti Udyog," said a company statement.
The three independent directors are Kumaramangalam Birla, chairman of A.V. Birla Group, Amal Ganguli, former chairman of PricewaterhouseCoopers India, and Pallavi Shroff, senior partner of Amarchand and Mangaldas and Suresh A. Shroff and Company.
R.C. Bhargava, former managing director of Maruti Udyog, has joined the company's board as part-time director.
The company's board approved these appointments at a meeting here that was attended, among others, by O. Suzuki, chairman and CEO of Suzuki Motor Corporation, said the statement.
Source: IANS