Auto Sector

As the public issue is solely an OFS, Hyundai Motor India Ltd, which stands as the second largest car manufacturer in India after Maruti Suzuki, will not receive any proceeds from the IPO.

According to Hyundai’s filing, out of the total 4.2 crore shares allocated, 1.46 crore shares were designated for 21 domestic mutual funds across 83 schemes.

Last month, JLR warned that its push towards EVs will cost more than expected, citing sluggish consumer demand.

The company is now venturing into the electric mobility business, with Mehta playing a key role in driving this new phase of expansion.

The floor price for the sale is ₹433 per share, with the base issue consisting of 5.50% equity, corresponding to 1.08 Crore shares.

This comes after Hyundai Motor India Ltd gained license from financial markets regulator Sebi to conduct an initial public offering (IPO).

According to the NSE's bulk deal data, Highdell Investment sold 40.76 lakh shares, representing an 8.64% ownership in Cartrade Tech.

This factory is planned to be operational by the calendar year 2027, serving both domestic and foreign markets.

Furthermore, the platform will be an open system, allowing for seamless connection with FinTech firms and Bancassurance partners.

The proposed merger of Cavendish Industries and JK Tyre is subject to approval from regulatory bodies, stock exchanges.