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
Work With Dignity Foundation Hosts Global Dignity Day National Inauguration in Mumbai
Initiative supported by AITWA, FADA, and ACMA honors commercial vehicle drivers, logistics personnel, and municipal fron...
Tata Motors Eyes Double-Digit Full-Year Growth as Price Hikes Help Offset 540-Basis-Point Commodity Drag
Managing Director Girish Wagh points to strong underlying freight demand and structural GDP tailwinds while warning of c...
India’s BS7 Timeline Enters Consultative Phase as Commercial Vehicle Makers Prepare Capex Plans
Tata Motors CEO Girish Wagh highlights upcoming government consultations and BS6 technology maturity as the baseline for...



14 Jun 2024
Autocar Professional Bureau

Shahkar Abidi