Tata Capital disappointed investors who purchased shares in the unlisted market after announcing a price band of Rs 310 to Rs 326 per share for its initial public offering. Unlisted shares peaked at approximately Rs 1,125 before the announcement, and the upper band represents a 71 percent decline for early buyers. The offering opens for subscription on October 6 and closes on October 8, with anchor investor allocation scheduled for on October 3.
The company plans to issue 47.58 crore shares through a combination of fresh shares and an offer for sale. Tata Sons will divest 23 crore shares, and International Finance Corporation will sell 3.58 crore shares. The Reserve Bank of India requires upper-layer non-banking financial companies to list publicly within three years of classification. Shares are expected to begin trading on the BSE and NSE on October 13.
The company plans to issue 47.58 crore shares through a combination of fresh shares and an offer for sale. Tata Sons will divest 23 crore shares, and International Finance Corporation will sell 3.58 crore shares. The Reserve Bank of India requires upper-layer non-banking financial companies to list publicly within three years of classification. Shares are expected to begin trading on the BSE and NSE on October 13.
