HSBC hikes stake in Maruti to 7.03 pc

According to a communique to the Bombay Stock Exchange, Maruti Suzuki India (MSI) said HSBC Global Investment Funds had picked up 0.15 per cent stake, comprising 4.38 lakh shares, through the open market on September 14.

Although the company did not share the financials involved, based on the closing share price of MSI at Rs 1,346.10 a piece on the day of the transaction, HSBC is estimated to have paid Rs 58.96 crore.

Before this purchase, HSBC had owned 1.99 crore shares of MSI, representing 6.88 per cent stake.

At present, Japanese auto giant Suzuki Motor Corporation -- the promoter of MSI -- holds 54.21 per cent stake in the company.

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