Tata Tech IPO: Company files addendum to DRHP, to offer 9.57 crore shares for the issue

Tata Tech IPO: Tata Motors subsidiary Tata Technologies filed an addendum today with SEBI to its DRHP. One of the most-awaited IPO on the Street, Tata Tech said it will offer 9.57 crore shares in its planed initial public offering (IPO) with a face value of ₹2 per share, according to the addendum filed with SEBI.

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As part of the Tata Tech IPO, Tata Motors will sell up to 8.11 crore shares via offer for sale, Alpha TC will sell up to 9.71 crore shares, Tata Capital Growth Fund I will offer up to 48.58 lakh shares.

The company has appointed financial institutions like JM Financials, Citi, and BoFA Securities to facilitate the IPO process. 

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About Tata Tech IPO 

The proceeds from offer for sale do not go to the company, instead the selling shareholders receive it. The shares are proposed to be listed on BSE, NSE. 

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The company has kept a reserved quota for employees and Tata Motors shareholders. 

“Employees eligible to buy shares in IPO can apply in the Employee Reservation Portion. They can apply at the Cut off Price. The maximum bid amount under the TML shareholders reservation portion by an eligible TML Shareholder shall not exceed ₹2 lakh. On the other hand, the maximum bid amount under the employee reservation portion by an eligible employee should be under ₹5 lakh,” the addendum said.

Tata Motors shareholders will get 10% quota for allocation of shares. “The maximum Bid Amount under the TML Shareholders Reservation Portion by an Eligible TML Shareholder shall not exceed ₹200,000.”

Meanwhile, Tata Technologies settled a case with SEBI. The case was associated to alleged violation of guidelines on disclosure and investor protection after paying a settlement amount of ₹25 lakh.