New Delhi, Jan. 15 (PTI): The prospectus for the forthcoming public issue of Maruti Udyog, the country’s largest carmaker, is expected to be with the Securities and Exchange Board of India by February.
The issue forms part of the government’s disinvestment programme in the joint venture with Suzuki Motor Corporation. A decision to this effect is understood to have been taken by the ministry of disinvestment and Suzuki Motor along with the merchant bankers today.
Suzuki Motor and ministry officials, representing the two sides in the joint venture, also decided to meet on a weekly basis to ensure that public issue for divestment of government’s 25 per cent of the 45 per cent equity was completed by March.
Suzuki Motor representative and director marketing and sales in Maruti, K Saito said, “We had a good meeting and we (Suzuki Motor) are totally co-operating.” He, however, declined to comment on the target for completion of the IPO through book building route.
Disinvestment secretary Pradeep Baijal, who along with heavy industry secretary Naresh Narad, was representing the government, said, “We have decided to meet on a weekly basis to monitor the progress.”
The ministry is understood to have decided on appointment of Crawford & Bailey as the domestic legal advisor.
The merchant bankers for the IPO — ICICI Securities, Kotak Mahindra and HSBC — will report the progress on IPO every Tuesday to the ministry and Suzuki Motor, sources said.