Maruti employees to be rewarded for enhanced floor price

For this, the government would be paying an additional amount of Rs 68.8 lakh for 6.88 lakh shares of Rs 115 each, earlier held by the employees of Maruti through a trust, they added.

Earlier, before the IPO, the government had paid nearly Rs 7.92 crore to buyback these 6.88 lakh shares from the employees of Maruti at the price of Rs 115 per share.

The employees of MUL held 0.2 per cent equity stake in the company in the form of 34,400 shares of Rs 2,300 each. Later, to hike the number of available shares to investors, one share with a face value of Rs 2,300 was split into 20 shares of Rs 115 each. The shares were held through a Maruti Udyog Ltd Employees Benefit Trust which was formed in 1990.

Meanwhile, the senior officials of disinvestment ministry, heavy industry ministry, registrars, department of company affairs and advisors to the issue are expected to meet tomorrow to decide the basis of the allocation of shares to retail investors who are overall getting 60 per cent shares out of total floated equity of 7.96 crore shares of the company.

The company will also be seeking clearance from Bombay Stock Exchange (BSE) tomorrow, thus paving the way for listing of its scrip by July 15. The officials also added that the scrip is expected to trade on BSE and National Stock Exchange (NSE) by July 7-8.