Maruti Float Deadline Extended To July 31

The Cabinet Committee on Disinvestment will meet on May 1 to revise the joint venture agreement between the government of India and Suzuki Motor, the two partners of Maruti Udyog.

The revision in the agreement will involve changes in the deadlines for the initial public offer and the rights issue.

The pact stated that the deadline for dilution of 25 per cent government stake in the company would be March 31, 2003, and that of the remaining 46 per cent December 2003. They have now been revised to July 31, 2003, and March 31, 2004, respectively.

Maruti has filed its delayed prospectus with the Securities and Exchange Board of India (Sebi) for its public offer.