Tata Steel FPO : Opening on 19th Jan 2011

by khalid on 15/01/2011 · 0 comments

Tata Steel Limited (TISCO) is entering into primary market with a Follow-on Public Offer (FPO) of 57,000,000 Equity Shares of Rs 10 each. The FPO is opening on 19th Jan 2010 and the shares will be available for subscription up to 21st Jan 2010. The premium of the issue will be decided through a 100% Book Building Process. The price band for the issue has been fixed at Rs. 594 – Rs. 610 Per Equity Share. The company is likely to raise around Rs 3500 crore through the issue at closing price of Rs 621.70 on 14th January 2011. Tata Steel Limited (TISCO) is India’s largest steel companies with a steel production capacity of approximately 27.2 mtpa. The Company has a presence across the entire value chain of steel manufacturing, including producing and distributing finished products as well as mining and processing iron ore and coal for its steel production.

The proceeds of the FPO are proposed to be utilized to part finance the Company’s share of capital expenditure for expansion of existing works at Jamshedpur, payment of redemption amounts on maturity of certain redeemable non-convertible debentures issued by the Company on a private placement basis and general corporate purposes.

The equity shares offered through the IPO are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Issue Detail:-
Issue Open : 19th Jan 2010 – 21st Jan 2011
Issue Type : 100% Book Built Issue IPO
Issue Size : 57,000,000 Equity Shares of Rs 10 each
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
Minimum Bid Quantity : 10 Shares (Rs. 6100 with 1 Lot) @ upper level of price band
Maximum Bid Quantity : 320 Shares (Rs. 195200 with 32 Lots ) @ upper level of price band
Listing At : BSE, NSE

The Book Running Lead Managers (BRLM) to the offer are 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.

Registrar of the Issue : Link Intime India Pvt Ltd.

Stay tuned to BelltheBull Blog for more on Tata Steel FPO !

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