According to a note from Nuvama Alternative and Quantitative Research, as many as 50.78 crore shares of the company, worth $9.79 billion, will become eligible to trade as its six-months and beyond lock-in period ends.
The number of shares that become eligible to trade amount to 62% of the company’s outstanding equity.
It must be specified that the end of the shareholder lock-in period does not mean all those shares will be sold in the open market, but they only become eligible to be traded.
Hyundai Motor India is yet to disclose its shareholding pattern for the quarter that ended on March 31.
Based on the shareholding pattern that was disclosed at the end of the December quarter, India’s Domestic Mutual Funds had a 5.1% stake in Hyundai Motor India, while LIC, India’s largest insurance company, had a 1.21% stake.
Foreign Portfolio Investors had a 6.7% stake, while small retail investors, or those, whose authorised share capital is up to ₹2 lakh, had a 3.22% stake, with that number being 12.4 lakh shareholders.
The company’s Korean promoters still have a 82.5% stake in the company, which is higher than the 75% required to be compliant with the Minimum Public Shareholding (MPS) norms.
Shares of Hyundai Motor India ended 1.6% higher last Thursday at ₹1,663.5. The stock is still 15% below its IPO price of ₹1,960. At ₹27,870 crore, Hyundai Motor India is still India’s largest IPO.
