desk
Share
News Topical, Digital Desk : Tata Capital, the Tata Group's flagship financial services company and a subsidiary of Tata Sons, raised ₹4,641.8 crore from 135 anchor investors on October 3, ahead of its IPO opening next week. Tata Capital's issue is the largest IPO of this calendar year and the biggest offering since Hyundai Motor India's ₹27,859 crore IPO last year.
The issue will open on Monday.
The company's IPO of Rs 15,512 crore will open on October 6 and close on October 8. The price band for the IPO has been fixed at Rs 310-326 per share. In the grey market, Tata Capital shares are being traded at a premium of 4-6% over the upper price band. The allotment of shares for the IPO will be completed on October 9 and the company's shares will be listed on BSE and NSE from October 13. Great response received from anchor investors . Tata Capital on Friday allotted 14.23 crore equity shares to 135 anchor investors at Rs 326 per share. Insurance giant LIC has emerged as the largest anchor investor. Several renowned global investors such as Morgan Stanley, Goldman Sachs, Citigroup, Amansa Holdings, Nomura, Government Pension Global Fund, WCM Investment Management, NFU Mutual Global Alpha Fund, Ashoka WhiteOak, Marshall Wace, Amundi Funds, Societe Generale and Allspring Global Investments also participated in the anchor book. Besides, 18 domestic mutual fund houses such as WhiteOak Capital, ICICI Prudential MF, HDFC AMC, Aditya Birla Sun Life AMC, DSP MF, Axis Mutual Fund, Nippon Life, Edelweiss, Kotak Mahindra AMC, Motilal Oswal AMC, UTI AMC, Bandhan MF, Mahindra Manulife, Baroda PNB Paribas MF, Invesco India, Mirae Asset and PGIM India together invested Rs 1,650.4 crore through 5.06 crore shares. Several insurance companies, including SBI Life, HDFC Life, ICICI Lombard General Insurance, SBI General Insurance, Bharti Axa Life, Aditya Birla Sun Life Insurance, Canara HSBC Life Insurance, Navi General Insurance, and Reliance General Insurance, also participated in the process.
Tata Capital, with a market value of over ₹1.31 lakh crore based on the price band, will use the fresh issue proceeds from the IPO to strengthen its Tier-1 capital base and meet future capital needs (such as loan disbursements and business growth). The proceeds from the offer-for-sale (OFS) will go to two sellers, including the International Finance Corporation (IFC). IFC will receive approximately ₹1,168 crore from the offer. It has placed 35.8 million shares on offer, purchased at ₹25 per share. (Disclaimer: The advice or views expressed on CNBC TV18 Hindi/CNBC Awaaz are the personal views of the experts or brokerage firms; the website or management is not responsible for the same. Please consult your financial advisor or certified expert before investing.)
--Advertisement--
