Maruti IPO in June first week

Maruti Udyog Ltd will come out with its initial public offering in the first week of June, Union Divestment Minister Arun Shourie said on Tuesday.

Shourie told reporters here that Maruti divestment was not being 'blocked' and it was 'completely on track.'

According to him, a business plan prepared by Maruti and Suzuki has been found by advisors to be not attractive enough.

A revised business plan has been termed 'very good' to go to the market, he said.

"Advisors are scheduling it for June first week," he added.

He also said that a number of cases (for divestment) are 'ripening' but declined to go into details.