Business
Tata Technologies sets IPO price band at Rs 475-500 per share – Times of India
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Tata Technologies, known for its engineering and product development digital services, has announced that its initial public offering (IPO) will be open for public subscription starting November 22.
The offering will open for bids for anchor investors on November 21
The IPO, which is a first from the Tata Group in nearly two decades, has set a price band of Rs 475 rupees to Rs 500 per share.
The IPO is set to offer up to 60,850,278 shares, representing 15 percent of Tata Technologies’ paid-up equity share capital.
“This IPO provides, inter alia, a reservation of up to 6,085,027 equity shares, i.e., 10 per cent of the offer, for subscription by eligible shareholders of TML, i.e., Individuals and HUFs who are the public equity shareholders (including shareholders holding ordinary shares and ‘A’ ordinary shares in TML and excluding such persons who are not eligible to invest in the offer under applicable laws, rules, regulations and guidelines) as on the date of the filing of the RHP, i.e., Monday, November 13, 2023,” read a regulatory filing.
In this IPO, Tata Motors plans to divest 11.4 percent of its stake. Additionally, private equity firm Alpha TC Holdings will sell a 2.4 percent stake, while Tata Capital Growth Fund I will relinquish 1.2 percent of its shareholding.
The subscription window for the public will open on November 22 and close on November 24, 2023, as per Tata Motors’ statement.
Previously, Tata Motors had announced an agreement to sell a 9.9 percent stake in Tata Technologies to TPG Rise Climate, a deal valued at Rs 1,613.7 crore.
(With inputs from agencies)
The offering will open for bids for anchor investors on November 21
The IPO, which is a first from the Tata Group in nearly two decades, has set a price band of Rs 475 rupees to Rs 500 per share.
The IPO is set to offer up to 60,850,278 shares, representing 15 percent of Tata Technologies’ paid-up equity share capital.
“This IPO provides, inter alia, a reservation of up to 6,085,027 equity shares, i.e., 10 per cent of the offer, for subscription by eligible shareholders of TML, i.e., Individuals and HUFs who are the public equity shareholders (including shareholders holding ordinary shares and ‘A’ ordinary shares in TML and excluding such persons who are not eligible to invest in the offer under applicable laws, rules, regulations and guidelines) as on the date of the filing of the RHP, i.e., Monday, November 13, 2023,” read a regulatory filing.
In this IPO, Tata Motors plans to divest 11.4 percent of its stake. Additionally, private equity firm Alpha TC Holdings will sell a 2.4 percent stake, while Tata Capital Growth Fund I will relinquish 1.2 percent of its shareholding.
The subscription window for the public will open on November 22 and close on November 24, 2023, as per Tata Motors’ statement.
Previously, Tata Motors had announced an agreement to sell a 9.9 percent stake in Tata Technologies to TPG Rise Climate, a deal valued at Rs 1,613.7 crore.
(With inputs from agencies)
