Maruti Udyog Limited was established in February 1981 through an Act of Parliament. Suzuki Motor Company of Japan was chosen as the partner from among seven prospective bidders and a joint venture agreement was signed in October1982.

The first Maruti hit the roads on December 14, 1983. In March 1994, MUL became the first Indian company to produce over one million vehicles, a landmark that remains unique in India.

In January the government decided to end its participation in business by offloading 25 per cent equity of the company in the market. The tentative date for the initial public offering was set for March 17. The government, however, postponed the date and the IPO finally opened on June 12. Suzuki's share stood at 54.2 per cent.

The much-hyped public issue for sale of Rs 72 million shares was oversubscribed within three hours of its opening! By the time it closed on June 19, it was oversubscribed over ten times. The government mopped up Rs 9.93 billion from the sale.

On July 9, Maruti listed its scrip at Rs 158.40 and Rs 164.90 on the Bombay Stock Exchange and National Stock Exchange respectively. A total of 3.67 million shares were traded in the first 25 minutes of the session, a record of sorts.

The Government of India's equity now stands at just 17 per cent.

Text: Nandita Mallik

Complete coverage: The Maruti saga