Government invites bids for divesting its 10.27-stake in MUL
22 Feb 2007
New Delhi: The government today invited bids from public sector financial institutions and mutual funds for its remaining 10.27-per cent stake in Maruti Udyog Limited valued at Rs2,700 crore based on the current price of MUL`s shares at Rs905. According to department of disinvestment's website, the bidders would have to place a minimum bid of Rs10 crore for the stake.
The money raised from the sale would go to the government and not the National Investment Fund (NIF) as MUL is no longer a public sector unit.
Last year the government had raised Rs1,567 crore from the sale of its 8-per cent stake in the company which went to the exchequer and not NIF that was created to receive funds from the sale of government shares in state-owned companies.