Tenneco Clean Air India sets price band for Rs 3,600-cr IPO
Tenneco Clean Air India sets price band for Rs 3,600-cr IPO
Tenneco Clean Air India Ltd, part of the US-headquartered Tenneco Group, on Friday announced a price band of Rs 378-397 per share for its upcoming Initial Public Offering (IPO), aiming for a valuation of over Rs 16,000 crore at the upper end.
The Rs 3,600-crore IPO will be opened for public subscription on November 12 and conclude on November 14. Anchor investors will be allocated shares on November 11, the company said in a public announcement.
The proposed IPO is entirely an Offer for Sale (OFS) by the promoter Tenneco Mauritius Holdings Ltd, with no fresh equity issuance.
The company has raised its issue size to Rs 3,600 crore from Rs 3,000 crore planned earlier, according to the draft papers filed in June. Since the issue is entirely an OFS, the company will not receive any proceeds from the IPO and all funds raised will go directly to the selling shareholder.
The objective of the IPO is to achieve the benefits of listing, the papers stated. Tenneco Mauritius Holdings Ltd, Tenneco (Mauritius) Ltd, Federal-Mogul Investments BV, Federal-Mogul Pty LTD, and Tenneco LLC are the promoters of the company.
