Tata Technologies Ltd., a world engineering, product improvement and digital providers firm, promoted by Tata Motors Ltd., has introduced plans to open its provide on the market (OFS) preliminary public providing (IPO) of as much as 60,850,278 fairness shares on Wednesday, November 22, 2023.
The price band has been mounted at ₹475 to ₹500 per fairness share with face worth of ₹2 every. The subject will shut on Friday, November 24, 2023.
The subject measurement works out to be ₹3,042 crore on the higher price band.
This is the primary time because the IPO of Tata Consultancy Services (TCS) in 2004 {that a} Tata Group firm has come out with an IPO.
The firm’s preliminary public providing contains a suggestion on the market of as much as 60,850,278 shares for money and bids will be made for a minimal of 30 fairness shares and multiples of 30 shares thereafter.
The provide consists of sale of as much as 46,275,000 shares by Tata Motors Ltd., sale of as much as 9,716,853 shares by Alpha TC Holdings Pte. Ltd. and sale of as much as 4,858,425 shares by Tata Capital Growth Fund I.
Addressing a press convention Tata Technologies Ltd. Chief Financial Officer Savitha Balachandran mentioned that the corporate has money in hand of ₹1,000 crore even after paying dividend of ₹500 crore lately.
