M A I N   N E W S

Finally, govt quits Maruti
Tribune News Service

New Delhi, December 21
The government today decided to exit from Maruti Udyog Limited by selling its residual equity of 10.27 per cent in the company. “The equity would be sold to Indian public sector financial institutions, Indian public sector and private sector banks and Indian mutual funds,” Finance Minister P. Chidambaram told reporters after the Cabinet Committee on Economic Affairs (CCEA) meeting chaired by Prime Minister Manmohan Singh.

He said the sale of shares to bidders quoting above the floor price, at the price actually quoted by them, starting from the bidder who quotes the highest price and then proceeding to the second highest bidder and so on with the discretion to sell only a part of shares offered for sale.

Mr Chidambaram said SBI Caps and Kotak Mahindra Capital Company would be appointed as advisers as they were appointed by the government at a zero fee during the 8 per cent disinvestment of equity.