The stake holding of HSBC Global Investments Fund in the country's largest carmaker Maruti Suzuki India has gone below 5% after the investor sold off nearly two lakh shares last month.
In a filing to the BSE, Maruti Suzuki India (MSI) said HSBC Global Investments Fund Mauritius Ltd had sold 1,99,198 shares in the open market on June 29.
Post the sale, Global Investments Fund's stake in MSI stands at 4.99%, down from 5.06% earlier.
While MSI did not specify the value of transaction, based on its closing share price of Rs 1,169.75 on BSE on June 29, it is estimated to be worth Rs 23.3 crore.
As on June 2012, Suzuki Motor Corp held 54.21% stake in MSI, while the public shareholding in the company is 45.79% with foreign institutional investors accounting for 36.71% and domestic institutional investors holding 16.42% stake, while the remaining 9.08% is with non-institutions.
Shares of Maruti Suzuki India closed at Rs. 1,194.95 on the BSE, down 0.67% from the previous close on BSE.