Azim Premji gets 20,000 TCS shares
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Azim Premji gets 20,000 TCS shares

By SiliconIndia   |   Friday, 27 August 2004, 07:00 Hrs
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MUMBAI: Azim Z Premji had applied for four lakh shares of Tata Consultancy Services Ltd (TCS) in the latterÂ’s recently concluded initial public offering.

Premji, one of the richest Indians, was allotted nearly 20,000 TCS shares because the issue was oversubscribed. High net worth—in which category his application falls—investors were rewarded with only one out of every 20 shares applied for in the offer. The size of Premji’s holding in TCS will be nominal.

Tamesk Holdings, which has been a very aggresive investor in Indian companies, managed to bag shares nearly worth of $ 50 million (approximately Rs 230 crore). Tamesk has recently acquired a sizeable stake in Apollo Hospitals.

HSBC Global bagged shares worth nearly Rs 230 crore. Other insitutitional bidders that were allotted a sizeable chunk of the IPO shares include: Franklin Tempelton (nearly Rs 115 crore worth), UTI Mutual Fund (nearly Rs 100 crore worth), LIC (Rs 120 crore worth), Prudential-ICICI (Rs 46 crore worth) and HDFC Mutual (Rs 92 crore worth). The allotment to institutional bidders was done on a discretionary basis.

Other investors who applied under the high net worth category include the Bangalore-based vaccine maker Cyrus Poonawala, Bajaj Auto, ILFS and Motilal Oswal. Bajaj Auto applied for 1.90 lakh shares while Motilal Oswal applied for 1.50 lakh shares. ILFS applied for 3.90 lakh shares. Reliance Energy applied for 72 lakh shares.

As the category was oversubscribed by 19.15 times, these investors received nearly 5 per cent of the shares they applied for. The comblined value of the Reliance groupÂ’s application was Rs 1,500 crore.

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