In November 2000, representatives of Suzuki Motor Corporation began discussions with the Government of India on divestment in the joint venture, where the two partners held 50 per cent equity each. At that time India decided to invite international bids to ensure a competitive price for the government's stake in the country's largest carmaker.

In 2001 the Tata Group joined the race for Maruti.

After a long hiatus, work on the Maruti divestment picked up pace again in October and the divestment ministry wrote to six firms, three Indian and three foreign, inviting their bids for the valuation exercise.

Finally, in January 2003, the GoI decided to offload 25 per cent equity in the carmaker and preferred to go for an initial public offer. The IPO opened on June 12.

On May 22, the Maruti IPO got clearance from the Securities and Exchange Board of India. Osamu Suzuki, chairman of the Suzuki Motor Corporation, and Divestment Minister Arun Shourie kickstarted the global roadshow for Maruti's IPO in Mumbai on May 30.

The global roadshows began on June 1 and continued till June 16 at key international markets such as London, New York, Boston, Los Angeles, San Francisco and Dubai.

Maruti Udyog Limited Chairman Shinzo Nakanishi (left), along with an unidentified Bombay Stock Exchange official, watches share price movement on a screen.

Photograph: SEBASTIAN D'SOUZA/AFP/Getty Images