Three premier foreign institutional investors -- Schroders, Capital International and Templeton -- are interested in the initial public offering by Maruti Udyog, the country's largest car maker.
"The three funds have made their interest known. They will take a final call when the offer opens in June," a source close to the Maruti divestment process said.
According to the terms of the public issue, an individual foreign institutional investor can hold a maximum of 10 per cent in Maruti.
Suzuki Motor Corporation now holds 54.2 per cent stake in Maruti. The rest is with the Centre, which is planning to offload a 25 per cent stake through book-building.
The issue comprises 72.2 million shares, of which 60 per cent has been earmarked for institutional investors, 25 per cent for retail investors and 15 per cent for wholesale ones. Individuals can hold a maximum stake of 5 per cent each in Maruti.