Monday, December 19 2005 15:15 Hrs (IST) - World Time -

New Delhi: The Government today (Dec 19,2005) invited Expression of Interest from public sector financial institutions and banks for selling eight per cent of its 18.28 per cent stake in Maruti Udyog Ltd and said it was open to selling the entire shares on offer to a single bidder.

The Government holds 5,28,24,020 equity shares in Maruti representing 18.28 per cent of the company's equity. Of the total number of shares it holds in Maruti, it is offering up to 2,31,12,804 shares, representing 8.00 per cent of the equity.

Only public sector financial institutions and banks can bid for the shares. Asset Management Companies and Mutual Funds managed by these Institutions are not eligible for participating in this transaction, officials added.

"The minimum bid value is Rs 10 crore and a single institution can bid for all the shares on offer," officials said.

However, the Government has said that the present holding of the institution in Maruti and shares transferred from government to it should not exceed 10 per cent equity of MUL on the date of such transfer.

At the time of submission of bids, institutions have been asked to disclose their exact shareholding in the company.

The shares come with a lock-in period of six months.