The government's long planned sale of a 25% stake in car manufacturer, Maruti is proving to be a success beyond most peoples previous reckoning. Only a couple of months ago there were many sceptics who felt the government would fail to sell the deal at the floor price it had set.
However, on the first day the book opened the deal was already 1.2 times subscribed. According to local bankers this is the first time in Indian capital markets history that a deal has been oversubscribed on the first day. By day two demand had built to $418 million, making the book 2.7 times subscribed.
With approximately $400 million of retail...
