Tata Technologies IPO: Tata Technologies, a subsidiary of Tata Motors, on Tuesday filed an addendum to its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). In the addendum, the company said that it would offer Rs 9.57 crore shares in its planned initial public offering (IPO). Each share has a face value of Rs 2 per share.
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Tata Technologies IPO is one of the most-anticipated public issues on D-Street. The last such public offer from the Tata Group, one of India’s biggest conglomerates, came 19 years ago.
Good news for Tata Motors shareholders
The addendum for the Tata Technologies IPO also brought some good news for Tata Motors shareholders who might be interested in the Tata Tech IPO. According to the document, the reservation portion for Tata Motors shareholders reservation portion will comprise up to 10 per cent of the offer.
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“Eligible TML Shareholders Bidding in the TML Shareholders Reservation Portion can Bid up to a maximum Bid Amount of Rs 200,000. Further, eligible TML shareholders bidding in the TML shareholders reservation portion can also bid in the employee reservation portion, the Non-Institutional portion, or the RIB Portion. Such bids will not be treated as multiple bids,” the company mentioned in the addendum.
The company has kept a reserved quota for employees and Tata Motors shareholders.
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Tata Motors, Alpha TC, and Tata Capital Growth Fund I will participate in the Tata Tech IPO. Tata Motors plans to sell a maximum of 8.11 crore shares through offer for sale, while Alpha TC will offer up to 9.71 crore shares. Tata Capital Growth Fund I aims to sell up to 48.58 lakh shares.
Tata Motors share price
The Tata Motors share opened at Rs 621.85 apiece on BSE, and continued to slide down. Around 11:23 am, the share was trading at Rs 615.60, in the red by 0.76 per cent.
