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New Delhi: South Korea’s Hyundai Motor Co plans to sell up to 17.5% stake in the initial public offering of its Indian unit, a draft document filed with the country’s market regulator on Saturday showed, in what could be India’s largest-ever IPO.
According to documents filed with the Securities and Exchange Board of India (SEBI), Hyundai Motor will issue up to 142 million shares in the IPO, with a total issue size of 812 million shares.
Hyundai, India’s second-largest automaker after Maruti Suzuki, will not issue new shares in the IPO, which will involve its South Korean parent selling part of its stake in a wholly owned subsidiary to retail and other investors through a so-called “tender offer”.
Hyundai Motor India will be the first automaker to go public in India in two decades since Maruti Suzuki went public in 2003.
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