Tata Technologies IPO: 10% issue reserved for Tata Motors shareholders

Tata Technologies has reserved a 10% quota for Tata Motors’ eligible shareholders in the upcoming public issue of the company. Individuals and Hindu Undivided Family (HUFs), who are equity shareholders of promoter Tata Motors as on the date of the filing of the Red Herring Prospectus with the Registrar of Companies (RoC), will be considered eligible for the IPO, Tata Technologies said in an addendum to its DRHP filed with Sebi.

The company has capped the maximum bid amount under Tata Motors shareholders’ reservation portion at Rs 200,000.

The issue, which is an offer for sale (OFS) will see the promoter company and two investors offloading a combined 95,708,984 equity shares. Tata Motors will offer up to 81,133,706 equity shares which is 20% of the pre-offer paid-up equity share capital of Tata Technologies.

Investors Alpha TC Holdings Pte. and Tata Capital Growth Fund I will sell up to 9.71 million and 4.85 million equity shares, respectively which account for 2.40% and 1.20% stakes in the company.

Tata Technologies is an engineering company which offers manufacturing companies solutions related to conceptualisation and development of products.

The company has appointed JM Financial, BofA Securities India and Citigroup Global Markets India as book-running lead managers (BRLM) and Link Intime India as the registrar to this offer.

The company had filed its draft red herring prospectus on March 9, 2023, with Sebi.

The quota for retail portion has been kept at 35% while for QIBs and non-institutional buyers, it has been kept at 50% and 15%, respectively.

Shares of Tata Motors were trading at Rs 616.80 on the NSE around 11 am and were down by Rs 3.65 or 0.59%. The stock has declined for the second session in a row.

>>Go to Mainboard IPOs Section: Click
>>Get Good Staff or Job, Click: Staffavailable.com
>>Interested in Used Automobiles or vintage cars? Click: BigGaddi.com
>>Get solid Guidance on Mutual fund Investments, Click: ChanakyaMFGuidance.com
>>Study Stock Research Reports, Click: AnalysisLibrary.com
>>Interested in Crossword Puzzles? Click: Magajmari.com