Tata Tech IPO: Price band, other details announced
Tata Technologies has set the price band for its much-awaited initial public offer (IPO) at Rs 475-500 per equity share. The issue opens for public subscription on November 22 and will close on November 24.
The IPO is book building and entirely an offer for sale (OFS) with the selling shareholders including promoter Tata Motors receiving the entire proceeds from the issue. Under the OFS, parent Tata Motors will sell 4.62 crore shares, Alpha TC Holdings will offload 97.1 lakh shares and Tata Capital Growth Fund will give up 48 lakh shares.
The issue size has been reduced from an earlier 9.57 crore shares to 6.08 crore equity shares now. The company had filed its IPO papers with Sebi in March this year and received approval from the regulator in June. Bids can be made for a minimum of 30 equity shares and in multiples of 30 equity shares thereafter. The issue size is estimated at Rs 2,890 crore – Rs 3,042 crore. In the issue, Tata Technologies has reserved a 10% quota for Tata Motors’ eligible shareholders.
