$1.1-billion TCS public offer gets regulator's nod

Monday, 19 July 2004, 07:00 Hrs
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MUMBAI: The much-awaited mega public offer of Tata Consultancy Services (TCS) to raise an estimated 50 billion ($ 1.1 billion) has been cleared by markets regulator Securities and Exchange Board of India (SEBI).

The Tatas would now have to get a nod from the Registrar of Companies (ROC) before launching the initial public offer (IPO) that is expected around the end of this month.

Market watchers speculate the IPO could hit the market on July 29, coinciding with the birth anniversary of the diversified group's founder J.R.D. Tata and the centenary celebrations of the Mumbai-headquartered group.

"On Thursday, TCS had submitted its response to a clarification sought by SEBI on the draft red herring prospectus and our request was cleared Friday evening," TCS spokesman Atul Takle said.

"But TCS has not yet decided when to move the ROC," Takle told IANS.

One of India's largest IT firms, TCS proposes to offer 55.4 million equity shares of Re.1 each with a green shoe option.

The issue includes an offer for sale of 32.6 million by Tata Sons Ltd. and certain other shareholders of TCS.

TCS, which recorded a turnover of 50.12 billion ($1.11 billion) for the fiscal ended March 31, 2004, is a division of Tata Sons, the holding company of the $13-billion Tata group.

Source: IANS
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