Maruti IPO oversubscribed by 10 times

As the initial public offer of Maruti Udyog Ltd closed on Thursday, the inter-ministerial group is likely to meet on Friday to devise a formula for allocating the shares and arriving at a price against the cut-off price of Rs 115 a share with a face value of Rs 5.

The group of ministers will be meeting on Saturday to give final approval to the decision. According to BSE and NSE, Maruti’s maiden issue of 7.22 crore shares has received bids aggregating 61.9 crore shares which is 858 per cent higher than the original issue size. Maximum number of 31.66 crore bids came at the price of Rs 125 per share against the floor price of Rs 115 per share. While 16.08 crore bids came at the price of Rs 120 per share.