The government today exited the country’s largest car maker Maruti Udyog Ltd (MUL), selling its residual stake for Rs 2,360 crore to a clutch of financial institutions led by Life Insurance Corporation (LIC).

The government had offered 2.96 crore shares in the company, representing 10.27 per cent stake. Of this, LIC got all the 1.3 crore shares it had bid for at a price of Rs 800 per share. LIC now controls 12.5 per cent and has become the second-largest shareholder in the company.

“The shares would, however, be transferred to LIC in September when the shareholders of Suzuki Motor Corporation, which owns the company, amend the Articles of Association.,” disinvestment secretary P V Bhide said.

In all, 32 financial institutions and mutual funds have been alloted shares. State Bank of India (SBI) emerged as the second most successful bidder with 83 lakh shares at Rs 775 each.

Corporation Bank and Exim Bank submitted the highest bids at Rs 850 per share. Both were granted 5.88 lakh and 1.18 lakh shares respectively.

Among mutual funds, Reliance Mutual Fund and HDFC Mutual Fund got 20 lakh and 10 lakh shares respectively. SBI MF also got 49.76 lakh shares at Rs 775 per share and Punjab National Bank 12.29 lakh shares at Rs 815 per share.

Maruti shares today closed at Rs 764.65 on the bourses.