Shares of Tata Motors were gaining on Wednesday after its subsidiary, Tata Technologies set a date for accepting bids for its much-awaited IPO.
What Happened: Tata Technologies’ IPO is set to open on Wednesday, November 22 and close on Friday, November 24. The issue price has not yet been determined.
The IPO will be an offer for sale, where Tata Motors, Alpha TC Holdings and Tata Capital Growth Fund will divest 6.08 crore equity shares in total, which is lower than the 9.57 crore shares it had originally planned to put on sale.
10% of shares in the IPO will be reserved for employees of Tata Technologies and Tata Motors shareholders. market experts, based on recent financial maneuvers, estimate the Tata Technologies IPO price band to oscillate between ₹400 to ₹542 per equity share.
Tata Motors had last month sold a 9.9% stake in Tata Technologies to TPG Rise Climate SF Pte, a climate-focused private equity fund, and Ratan Tata Endowment Foundation.
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Price Action: Tata Motors’ share price was up 1.78% at ₹664.90 in afternoon trade on Wednesday.
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