Tata Steel FPO opens on 19th January
Notwithstanding weak market conditions, Tata Steel has decided to go ahead with its follow on public offer (FPO). The issue opens on bidding on Wednesday, 19 January 2011 and closes on Friday, 21 January 2011. Tata Steel shares settled at Rs 621.70 on BSE on Friday, 14 January 2011. The anchor book will be open one day ahead of the issue i.e. on 18 January 2011.
The company is offering a total of 5.7 crore shares through the FPO, which includes reservation of 15 lakh shares for eligible employees of the firm. The issue size at the upper end of the price band of Rs 610, works out to Rs 3477 crore.
Tata Steel intends to use issue proceeds for partly financing the companys share of capital expenditure for expansion of existing works at Jamshedpur; and payment of redemption amounts on maturity of certain redeemable non-convertible debentures issued by the company on a private placement basis.
Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Pvt Ltd, Deutsche Equities (India) Pvt Ltd, HSBC Securities and Capital Markets (India) Pvt Ltd, RBS Equities (India) Limited. SBI Capital Markets Limited and Standard Chartered Securities (India) Limited are book running lead managers to the issue. Link Intime India Pvt Ltd is the registrar.
Issue Detail:
Issue Open: Jan 19, 2011 - Jan 21, 2011
Issue Size: Rs. 3,385.80 - 3,477.00 Crore
Face Value: Rs. 10 Per Equity Share
Issue Price: Rs. 594 - Rs. 610 Per Equity Share
Notwithstanding weak market conditions, Tata Steel has decided to go ahead with its follow on public offer (FPO). The issue opens on bidding on Wednesday, 19 January 2011 and closes on Friday, 21 January 2011. Tata Steel shares settled at Rs 621.70 on BSE on Friday, 14 January 2011. The anchor book will be open one day ahead of the issue i.e. on 18 January 2011.
The company is offering a total of 5.7 crore shares through the FPO, which includes reservation of 15 lakh shares for eligible employees of the firm. The issue size at the upper end of the price band of Rs 610, works out to Rs 3477 crore.
Tata Steel intends to use issue proceeds for partly financing the companys share of capital expenditure for expansion of existing works at Jamshedpur; and payment of redemption amounts on maturity of certain redeemable non-convertible debentures issued by the company on a private placement basis.
Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Pvt Ltd, Deutsche Equities (India) Pvt Ltd, HSBC Securities and Capital Markets (India) Pvt Ltd, RBS Equities (India) Limited. SBI Capital Markets Limited and Standard Chartered Securities (India) Limited are book running lead managers to the issue. Link Intime India Pvt Ltd is the registrar.
Issue Detail:
Issue Open: Jan 19, 2011 - Jan 21, 2011
Issue Size: Rs. 3,385.80 - 3,477.00 Crore
Face Value: Rs. 10 Per Equity Share
Issue Price: Rs. 594 - Rs. 610 Per Equity Share