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A Tata signal is seen outdoors their places of work in London, Britain March 30, 2016. REUTERS/Toby Melville/File Photo Acquire Licensing Rights
BENGALURU, Nov 22 (Reuters) – India’s Tata Technologies’ much-awaited preliminary public providing (IPO) was oversubscribed inside hours after bidding opened on Wednesday, signaling robust demand for the Tata Group’s first public float in almost twenty years.
At the highest finish of value band of 475-500 rupees, the corporate fetched bids value 55.23 billion rupees ($663.47 million), as of Wednesday afternoon.
Investors oversubscribed the IPO by 2.45 occasions as they bid for greater than 110.4 million shares in contrast with the 45 million shares on provide, knowledge from the inventory change showed.
($1 = 83.2440 Indian rupees)
Reporting by Rama Venkat in Bengaluru; Editing by Sonia Cheema
Our Standards: The Thomson Reuters Trust Principles.
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