LIC Gets Govt Share In Maruti Stake Sale

New Delhi: Life Insurance Corporation, State Bank of India, Reliance Mutual Fund, Punjab National Bank, HDFC Mutual Fund and Corporation Bank have together secured over three-fourths of the 2.97 crore shares of Maruti Udyog Ltd (MUL) that was put on the block by the Government. The Group of Ministers nod on May 10, for sale of the government''s residual stake of 10.27 per cent in MUL marks the exit of the Government from the car manufacturing industry. The Government will realise Rs 2,368 crore from this stake sale at an average price of Rs 797 per share. About 43 per cent of the shares that were on offer went to LIC, which had bid for 1.3 crore shares at Rs 800 per share. This would take LIC''s shareholding in MUL from the current 8.1 per cent to 12.60 per cent.While SBI got 49.76 lakh shares at Rs 775 per share, Reliance Mutual Fund got 20 lakh shares at Rs 790 per share. PNB got 12.29 lakh shares at Rs 815 per share and HDFC Mutual Fund got 10 lakh shares at Rs 782 per share. Corporation Bank, which was the highest bidder at Rs 850 per share, got 5.88 lakh shares at this price.