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INDIAN MINISTRY SEEKS NOD FOR FOREIGN PARTICIPATION IN MUL IPO.
NEW DELHI, Feb 4 Asia Pulse - The Federal Disinvestment Ministry is approaching the Foreign Investment Promotion Board for permission to allow Foreign Institutional Investors, Non-resident Indians (NRIs) and Overseas Corporate Bodies to participate in the ensuing public offer for the government stake in automaker Maruti Udyog (MUL).
"We are seeking generic permission for FIIs registered with SEBI, NRIs and OCBs to enable them pick equity in MUL," senior officials in the Ministry told PTI.
Confident of mopping up atleast Rs 8 billion (US$167 million) from the issue for 25 per cent equity in JV with Japanese Suzuki Motor Corporation, they said that the issue would be a domestic one but on international platform.
The Disinvestment Ministry expects to ...
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Source: HighBeam Research, INDIAN MINISTRY SEEKS NOD FOR FOREIGN PARTICIPATION IN MUL IPO.