Suzuki chairman Osama Suzuki would visit Mumbai at the end of May to kick-off roadshows for public offering of Maruti Udyog Ltd, on the strength of the robust financial results announced by the Japanese auto major and its Indian venture in the last two days.

A series of roadshows have been planned both within and outside India to woo investors to the forthcoming public issue, which would see the government offloading 25 per cent stake in the car major.

The IPO via book-building route is part of the ongoing divestment programme of Maruti, a joint venture between the government of India and Suzuki.

According to sources involved with the divestment process in Maruti, the roadshows would be held in Mumbai and Delhi between May 29 and June 1, and thereafter in London, Amsterdam, Boston, New York, Singapore and Dubai.

The roadshows would be held across five to six locations outside the country, they pointed out.

Last year, the government ceded control of Maruti to its joint venture partner Suzuki following a Rs 400 crore (Rs 4 billion) rights issue. Suzuki acquired about four per cent equity in the company for a consideration of around Rs 1,400 crore (Rs 14 billuion) including a renunciation premium of Rs 1000 crore (Rs 10 billion).

Under the deal, the government is required to exit the company following a two-stage divestment process, involving a public offering of shares. It proposes to shed 25 per cent of its 45 per cent equity in the first phase and another 20 per cent during the second phase by 2004.

Sources said the roadshows outside India would be held between June 2 and June 15.

The proposed IPO is expected to derive its strength from the strong financial results of both Suzuki and MUL, announced in the last two days.

Maruti announced a 40 per cent profit at Rs 146.4 crore (Rs 1.46 billion) for the year 2002-03 on account of aggressive cost cutting measures and enhanced productivity.

Suzuki Motor Corporation of Japan, which raised its equity shares to a majority 54.2 per cent last year, said the profits was also due to enhanced productivity in in-house manufacturing and vendor facilities.