Govt sells 8% Maruti stake for Rs 1,567cr

The government today sold 8% shares in Maruti Udyog for Rs 1,567.60 crore with Life Insurance Corporation (LIC) picking up more than 50% of the 2,31,12,804 shares sold by the government.

LIC successfully bid for 1,68,00,000 shares at Rs 682 per share.

Eight public financial institutions have picked up Maruti shares. SBI would be getting 39,27,074 shares at Rs 660 per share.

The average price of the transaction works out to Rs 678.24 per share as against the reserve price of Rs 620 per share fixed by the government.