Hyundai Motor India Ltd (HMIL), which is planning to raise nearly Rs 25,000 crore through an initial public offering (IPO) later this year, picked investment banks JP Morgan, Citi and HSBC as advisors for the IPO.
According to a Reuters report, some Indian investment banks are also likely to be appointed for the IPO in the future.
If the company, which is the second largest automaker in India with 15 per cent market share after Maruti Suzuki, goes ahead with the IPO, it will be the largest in India, beating LIC share sale worth Rs 21,000 crore.
According to media reports, draft papers of the proposed IPO is likely by June.
HMIL is likely to dilute 15 to 20 per cent stake to raise funds in the range of $3.3-5.6 billion, PTI reported sources as saying.
HMIL began operations in India in 1996 and currently sells 13 models across segments.
It has a network of 1,366 sales points and 1,549 service points across the country.
