Hyundai to dilute up to 17.5% stake in USD 3 billion IPO of India unit: Report
The country's second-largest carmaker will opt for an "offer for sale" route, where no new shares will be issued, but its South Korean parent Hyundai Motor will sell part of stake in the India unit, to retail and other investors, the newswire reported, citing sources.
Hyundai Motor is looking to sell a stake of up to 17.5% in its Indian unit as part of an IPO as the company gears up to file regulatory papers, Reuters reported on Friday, citing sources in the know.
The country's second-largest carmaker will opt for an "offer for sale" route, where no new shares will be issued, but its South Korean parent Hyundai Motor will sell part of its stake in the India unit, to retail and other investors, the newswire reported, citing sources. Reuters could not elicit a response from Hyundai Motor India.
This listing will be Hyundai's first one outside South Korea, with the company expected to garner proceeds to the tune of USD 2.5 to USD 3 billion in the stake sale, the newswire noted.
RELATED ARTICLES
SIAM Conclave Explores Sustainable Strategies for Automotive Logistics
Stakeholders discuss multimodal transport, digital innovation, and sustainable practices to improve efficiency and resil...
Varroc Appoints Padmanabh Sinha as Independent Director
Sinha returns to Varroc’s Board with over 25 years of investment experience across private equity and technology.
Railways To Introduce More Specialized Wagons For Vehicle Transportation: Hitendra Malhotra
Hitendra Malhotra, a member of the Railway Board for Operations & Business Development at the Ministry of Railways noted...