80% bids at Rs 120; Shourie delighted with response
The Maruti Udyog public issue was oversubscribed 1.46 times on the day of its opening.
While the government had put up 72.2 million shares for sale in the issue, applications for over 105 million shares were received today. The issue was sold out within three hours of opening.
Sources involved in the issue also said close to 80 per cent of these applications carried a bid price of around Rs 120, against the floor price of Rs 115. At this price, the government was hoping to raise Rs 830 crore from the issue.
