Hyundai Motor India to hike car prices by up to 3 pc from April
Joining the league of other automakers, Hyundai Motor India on Wednesday announced a price hike of up to 3 per cent on its cars, effective from next month.
Hyundai Motor India on Monday said it has raised Rs 8,315.28 crore from 225 anchor investor at Rs 1,960 per share (the upper end of the price band), a day before its public issue opening.
It included 21 domestic mutual funds through a total of 83 schemes (34.42 per cent of the total allocation to anchor investors).
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Global institutional investors like Government of Singapore, New World Fund Inc, Monetary Authority of Singapore, Fidelity, Government Pension Fund Global, and American Funds Insurance Series New World Fund invested Rs 2,191.66 crore in the South Korean auto major.
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The company has finalised the allocation of 4.2 crore equity shares to anchor investors at a price of Rs 1,960 per share.
In a regulatory filing with the BSE, the company has “finalized allocation of 42,424,890 Equity Shares, to Anchor Investors at Anchor Investor allocation price of Rs. 1,960 per Equity Share (including share premium of Rs. 1,950 per Equity Share).”
The public issue opens on Tuesday and closes on Thursday. The price band has been fixed at Rs 1,865 per equity share to Rs 1,960 per equity share of the face value of Rs 10 each.
“Out of the total allocation of 4.2 crore shares, 1.46 crore shares were allocated to 21 domestic mutual funds through a total of 83 schemes,” the company said in its filing.
Hyundai Motor India will open its Rs 27,870 crore initial public offering for subscription on October 15.
The announcement follows the Seoul-based parent company’s decision to sell 17.5 per cent of its 812.54 million shares in the Indian subsidiary.
This would mark the largest IPO in the history of the Indian stock market, surpassing the previous record set by the Life Insurance Corporation of India in 2022, which then raised $2.5 billion.
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