Mumbai: The public issue of auto major Maruti Udyog Ltd (MUL) was on June 12 oversubscribed within three hours of its opening and received bids for 7.8 crore shares as against the issue size of 7.2 crore shares.

The floor price for the issue of the shares at a face value Rs five each was Rs 115 as per the under writing commitment given by the Japanese partner SMC (Suzuki Motor Corporation) in the car JV where the government is seeking to divest 25 per cent equity.

Maximum bids for 5.83 crore shares came at Rs 120 per share compared to the floor price of Rs 115, according to the data available the Bombay Stock Exchange (BSE) at 3 pm.

The second highest quantity of bids - 1.05 crore shares were at Rs 122 per share.

The initial public offer for divestment of government's 25 per cent equity through the book-building route in the car joint venture with Japan's Suzuki Motor Corporation would remain open for offers till June 19 as scheduled.

PTI