Geojit Securities to participate in Maruti Udyog''s IPO bidding

Kochi: Geojit Securities will participate in the Maruti Udyog's initial public offering (IPO) bidding through its 12 centres in Kerala and 17 centres outside the state. The application for the share bidding will be available in all 55 branches of Geojit in Kerala.

The central government is going to reduce their stake in Maruti Udyog by way of book building through the National Stock Exchange and the Bombay Stock Exchange from 12-19 July 2003. Through this process, the government expects to reduce its stake in the company from 45.8 per cent to 20.8 per cent.

The government is slated to sell 7.22-crore shares with a face value of Rs 5 each. The Suzuki Motor Corporation of Japan has signed an agreement to take over all the shares at a floor price of Rs 115 each, if the minimum subscription cannot be fulfilled.