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On April 23 (local time), Euisun Chung, Chairman of Hyundai Motor Group, addressed questions from local employees during a town hall meeting held at the new Hyundai India Headquarters in Delhi. [Photo: Hyundai Motor Group] |
[Alpha Biz= Reporter Kim Jisun] On October 8, Hyundai Motor announced that its board of directors has decided to publicly sell 17.5% (142.19 million shares) of its 812.54 million shares in its Indian subsidiary. This sale is part of preparations for an initial public offering (IPO) on the Indian stock market, reducing Hyundai's stake from 100% to 82.5%.
Previously, in June, Hyundai submitted preliminary documents (DRHP) to the Securities and Exchange Board of India (SEBI) outlining plans to sell up to 17.5% of its stake. However, the final offering price and schedule for the share disposal have yet to be determined.
Industry experts estimate that Hyundai could raise around 4 trillion KRW (approximately $3 billion) from this IPO, which could become the largest in the Indian stock market's history if successful. Hyundai aims to complete the local listing by the end of this year.
Hyundai established its Indian subsidiary in 1996, launching its first model, the Santro, from its Chennai plant in 1998. India is now recognized as the third-largest automotive market, following China and the United States, and is considered a key emerging market.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
