The government on Thursday sold eight per cent of its shares in Maruti Udyog Limited for Rs 1,567.60 crore (Rs 15.66 billion), with Life Insurance Corporation picking up more than 50 per cent of the 2,31,12,804 shares that were on offer.
LIC successfully bid for 1,68,00,000 shares at Rs 682 per share. In all, eight public financial institutions have picked up Maruti shares.
State Bank of India would be getting 39,27,074 shares at the price of Rs 660. The average price of the transaction comes out to be Rs 678.24 a share, against the reserve price of Rs 620 a share fixed by the government.
Others who were in the fray included SIDBI, which had quoted the highest at Rs 725 per share, Corporation Bank Rs 690, EXIM Bank Rs 680, Indian Bank Rs 670, Union Bank of India Rs 665 and State Bank of Patiala Rs 660.
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