New Delhi: Government on June 21 approved a price of Rs 125 per share for divestment of its 25 per cent stake in car major Maruti Udyog Ltd (MUL).

Disinvestment Minister Shourie said the ratio of allocation of shares has been revised to 60 per cent for individuals and 40 per cent for financial institutions.

Of the total 60 per cent, 15 per cent would be given to high net worth individuals, who have put in bids for over 1,000 shares each.

Shourie said the government would mop up Rs 993 crore from the sale of its 25 per cent stake in Maruti.

The government also decided to retain the 10 per cent over subscription as a result of which the total sale of equity would be 7.94 crore shares.

Of this, government would give 60 per cent equity to retail investors in accordance with the wishes expressed by Prime Minister Atal Behari Vajpayee to broad-base the equity in the car venture, Shourie told reporters via videoconferencing from Malaysia.

PTI