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Hyundai plans to offload 24% stake - Views on News from Equitymaster
 
 
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  • Feb 2, 2000

    Hyundai plans to offload 24% stake

    Hyundai Motor India Ltd. plans to offload 24% equity stake in the company in the current calendar year.

    Hyundai Motor has a presence in India through the Santro (small car segment) and Accent (mid-sized car).

    According to a news report, the company plans a private equity placement in favour of financial institutions. It also plans to divest up to 24% of equity through a public offer or another private placement. Currently, the company's equity capital stands at Rs 8 bn.

    The company is contemplating a divestment to fund its expansion plans. The company's cars have met with an encouraging response in the domestic as well as the export markets. The company will have to undertake capacity expansions in a big way so as to keep supply in line with demand.

    In addition to demand for its current brands, Hyundai will also need funds for future launches - EF Sonata (luxury sedan) and Sportage (multi-purpose vehicle).

    According to news report appearing in a leading daily, Santro sales have increased to 7,402 units in January 2000, while the Accent has witnessed sales of 1,243 units. The company has targeted market share of around 14% in the small car segment.

    The company is now looking at exporting completely built units (CBUs) to Africa, the Middle East and other South East Asian countries and has set itself a target of 10,000 CBUs.

     

     

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