Maruti to issue 1.2 million shares to Suzuki Motor to buy local plant

Maruti Suzuki India , the country’s top carmaker by sales, said on Tuesday it would issue 1.2 million shares to Suzuki Motor, as payment to buy a local manufacturing plant from the Japanese automaker.

 

The issue will be at Rs 10,420.85 ($125.21) per share, the company said.

 

This is the first time that Maruti, which announced the takeover plan in July, has disclosed a value for the plant in the western state of Gujarat.

 

($1 = 83.2275 Indian rupees)