Sebi Okays Maruti IPO

New Delhi, May 22: | Updated: May 23 2003, 05:30am hrs
The Securities and Exchange Board of India (Sebi) on Thursday gave a nod to the initial public offering (IPO) of Maruti Udyog Ltd, according to the Sebi chief. The company has already received a clearance from the premiere exchanges in the country, National Stock Exchange and The Stock Exchange, Mumbai.

The regulator has cleared the Maruti initial public offering for domestic listing of the companys equity today, Sebi chief G N Bajpai said at the sidelines of a seminar organised by Institute of Company Secretaries of India (ICSI) in New Delhi on Thursday.

The company is scheduled to come out with its initial offering for 25 per cent of the companys equity in the month of June. The automobile major is offering of 7.2 crore shares of a face value of Rs 5 each.

The company has come out with a 40 per cent jump in net profit to Rs 146.4 crore for the fiscal 2003 as against the previous fiscals Rs 104.5 crore.

The companys revenues increased marginally from Rs 9,399 crore in fiscal 2002 to Rs 9,426 crore in fiscal 2003.

The company has also announced a 30 per cent dividend or Rs 1.5 per equity share for the fiscal 2003.