South Korean automaker Hyundai is looking to raise at least $3 billion (around Rs 25,000 crore) through an initial public offering later this year, sources said on Monday.
Hyundai Motor India Ltd., which is the second largest carmaker in India after Maruti Suzuki India Ltd., is likely to dilute 15-20% stake to raise funds in the range of $3.3-5.6 billion, they said.
If the company goes ahead with the IPO, it will be the largest in India, beating Life Insurance Corp. share sale worth Rs 21,000 crore.
When contacted over the issue, the company declined to comment.
HMIL commenced operations in India in 1996 and currently sells 13 models across segments.
It has a network of 1,366 sales points and 1,549 service points across the country.
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