New Delhi, June 12: Maruti Udyog Ltd today hailed the overwhelming response to its 7.2 crore share public offering saying the over-subscription was a sign of investors' confidence in the company. "It is a sign of investors' confidence in India and in its manufacturing abilities and in Maruti's strategy," MUL managing director Jagdish Khattar said from Singapore.
Khattar was in Singapore to lead a roadshow for the IPO, billed as the biggest domestic offering on an international platform. MUL's public offer, which opened today, made a near 10 per cent over-subscription of the issue.
Against the offer of 7.2 crore shares with a face value of Rs five each, MUL received an overwhelming response with bids of 7.89 crore shares of which over 85 per cent were at Rs 120 a share or higher. Maximum bids for 5.83 crore shares came at Rs 120 per share compared to the floor price of Rs 115, according to the data available on stock exchange, Mumbai (BSE) at 3 pm.
The second highest quantity of bids - 1.05 crore shares were at Rs 122 per share. Bureau Report