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TVS Supply Chain Solutions IPO opens on Aug 10

by TLAteam August 6, 2023August 6, 2023
written by TLAteam August 6, 2023August 6, 2023
TVS Supply Chain Solutions IPO opens on Aug 10

The public issue of Chennai-based TVS Supply Chain Solutions Ltd will open for subscription on August 10 and close on August 14. The anchor book will open on August 9.

Business News

Basis of allotment will be on August 22 and the equity shares will be credited to depository accounts of allottees on August 23. The stock will be listed on exchanges on August 24.

The company plans to raise around Rs 600 crore from fresh issues as against Rs 2,000 crore decided earlier. It has cut its offer-for-sale to 14.23 million shares from 59 million shares earlier planned.

In the OFS segment, Omega TC Holdings PTE Ltd will sell up to 10.73 million shares, Tata Capital Financial Services Ltd up to 9.84 lakh shares, Sargunaraj Ravichandran up to 5.80 lakh shares, Andrew Jones up to 4 lakh shares, Ramalingam Shankar up to 3.15 lakh shares and Ethirajan Balaji will sell up to 2.5 lakh shares.

The proceeds from the fresh issue worth Rs 600 crore will be used to repay debt by the company and its subsidiaries TVS LI UK and TVS SCS Singapore. As of March 2023, its total borrowings on consolidated basis was at Rs 1989.62 crore.

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