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Tata Steel fixes price band for share sale at Rs594-610

Tata Steel fixes price band for share sale at Rs594-610
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First Published: Sat, Jan 15 2011. 01 24 AM IST
Updated: Sat, Jan 15 2011. 04 59 PM IST
Mumbai: Tata Steel Limited will make a further public issue (FPO) at a price band of Rs594 to Rs610 per share. The issue of 57 million ordinary shares of Rs10 each will open on 19 January, 2011. The company is looking at roping in anchor investor.
According to the company, the anchor book will open and close on 18 January 2011.
The company is expected to raise Rs3,385.8-3,477 crore through this offering. The company is a fast track issuer and hence does not have to wait for Sebi review to open the issue.
Tata Steel Stock closed at Rs621.70 a share, down 2.47% on Friday’s close on Bombay Stock Exchange (BSE).
A fast-track issuer merely has to file the offer document with the Securities and Exchange Board of India (Sebi) before the issue opens rather than wait for regulatory clearances for each capital issue.
Large listed companies with an average free float market capitalization of Rs10,000 crore or more and which have been traded on the bourses for more than three-year, with not more than 5% outstanding investor complaints against them, are eligible for fast-track clearances. The company has appointed 7 merchant bankers including Royal Bank of Scotland Plc, Deutsche Bank AG, Kotak Mahindra Capital Co. Ltd, Standard Chartered Bank Plc, Citigroup Global Markets India Pvt. Ltd.
sneha.s@livemint.com
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First Published: Sat, Jan 15 2011. 01 24 AM IST
More Topics: Tata Steel | FPO | Public offer | Price band | BSE |