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News >> Technology >>
TCS IPO seen bringing in $500 M forex inflow
By siliconindia
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Friday, 13 August 2004, 19:30 IST
MUMBAI: As much as $450-$500 million of foreign money is expected to flow into India on Friday as overseas funds pay for their stakes in the Tata Consultancy Services Ltd. (TCS) initial public offer, bankers said.
"The custodian banks should receive the money by Friday so that they can make the payments in rupees on Monday, which is the pay-in day," one banker working on the issue said. Another banker also working on the deal confirmed the estimate.
TCS, India's top software services exporter, concluded the country's biggest IPO last week, raising $1.17 billion, and 60 per cent of the issue was reserved for institutional investors.