HSBC increases its stake in Maruti Suzuki India

Published On Sep 20, 2010 06:13 PM By Vidyadhar for Maruti Kizashi

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Maruti Suzuki India, country's largest carmaker, has stated that HSBC, the global financial firm, has hiked its stake in MSI with a margin of 7.03 per cent. This was done through an open market transaction which valued Rs 58 crore.

According to an official dispatch to BSE (Bombay Stock Exchange), Maruti Suzuki India (MSI) stated that Global Investment Funds of HSBC had selected 0.15 per cent stake that comprised 4.38 lakh shares. This picking up of stake by HSBC took place on September 14 through the open market. Though the financial details involved in this transaction are not being revealed by the company but HSBC is expected to have paid a sum of Rs 58.96 crore. This may be based on closing price of shares of MSI which was Rs 1,346.10 a piece when the transaction took place.

HSBC had possessed 1.99 crore shares of Maruti Suzuki India before the recent transaction. Presently, Suzuki Motor Corporation, Japanese auto giant and the promoter of Maruti Suzuki India holds 54.21 per cent stake in the company.