Suzuki to penetrate Indian markets / Govt unveils Maruti IPO.

(From The Statesman (India))

STATESMAN NEWS SERVICE NEW DELHI, May 31. - Suzuki Motor Corporation appears poised to make deeper inroads into the Indian car market with the parent company of Maruti Udyog Limited today unveiling an aggressive thrust in its country strategy. In town for the annoucement of the long awaited public offer of MUL, Mr Osamu Suzuki, chairman and chief executive officer of Suzuki Motor Corporation, said the company was all set to consolidate its position and expand its presence in the Indian car market. Reaffirming this commitment to the automobile industry and the growth of MUL, Mr Suzuki hoped that the IPO route being undertaken for the first time to offload the shares being held by the government was through the most transparent procedure. The government will offer for sale 72,243, 300 MUL equity shares of Rs 5 each, at a floor price of Rs 115 per share. The IPO offer slated for opening on 12 June and closure on 19 June, 2003, would constitute 25 per cent of the fully diluted post offer paid-up capital of the company. The SMC had subscribed to MUL's earlier Rs 400-crore rights issue at Rs 160 per share exactly a year ago and paid Rs 1,000 crore to the government as control premium for its management position at MUL Mr Suzuki reminded. SMC which currently holds 55 per cent stake in the joint venture, has underwritten ...