Maruti hits record high on buzz of stake hike by Suzuki

Shares of  Maruti Suzuki touched a record high of Rs 1,860 on Wednesday after source-based reports indicated that Suzuki officials met LIC on Maruti share open offer. However, the stock closed at Rs 1,837.50, down 0.45 percent on profit booking after hitting record high.

CNBC-TV18 learned from sources that Suzuki, the promoter of top Indian car maker Maruti, is considering open offer for Maruti shares.

Sources say Suzuki has sought nearly 1.5 crore shares from LIC that held 2.48 crore shares (8.21 percent stake) in Maruti as on September 30.

CNBC-TV18 on December 19 reported that Suzuki Motor Corporation may hike stake to 75 percent in Maruti from 56.21 percent . Market capitalisation of the company currently stands at Rs 55,507.21 crore.

Suzuki, which has been sitting on a cash pile of 661 billion yen or Rs 39,600 crore, is considering hiking stake in the Indian subsidiary as the latter generates about 30 percent of the parent's global revenues and 40 percent of its profits, sources added.

The Indian car market, in which Maruti holds about 40 percent share, has been the best-performing for Suzuki.

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