In 1999, South Korean carmaker Hyundai Motor Company (HMC), strapped for cash due to the financial meltdown in its home country, wanted to dilute its stake in its Indian subsidiary, Hyundai Motor India Ltd (HMIL), and applied to the Foreign Investment Promotion Board for selling 14.2 per cent equity.
Investment bankers received interest from many, including UTI and American insurance giant AIG, with the condition that HMIL would float an initial public offer (IPO) in five years.
Proposals to sell equity to Maruti Suzuki and General Motors were also looked at.
The exercise fell through because South Korean banks,
In 1999, South Korean carmaker Hyundai Motor Company (HMC), strapped for cash due to the financial meltdown in its home country, wanted to dilute its stake in its Indian subsidiary, Hyundai Motor India Ltd (HMIL), and applied to the Foreign Investment Promotion Board for selling 14.2 per cent equity.
Investment bankers received interest from many, including UTI and American insurance giant AIG, with the condition that HMIL would float an initial public offer (IPO) in five years. Proposals to sell equity to Maruti Suzuki and General Motors were also looked at.
The exercise fell through because South Korean banks,
