TCS offer opens on July 29
By Mumbai: | 16 Jul 2004
Mumbai: The Tata Consultancy Services' (TCS) initial public offering (IPO) is set to hit the market on July 29, coinciding with the birth centenary of JRD Tata.
The issue, expected to raise over Rs 5,000 crore, will be the largest in the Indian private sector.
TCS yesterday submitted its response to the queries of the Securities and Exchange Board of India (SEBI) on its draft Red prospectus filed with the capital market watchdog on June 10.
Sebi is expected to clear the prospectus today. TCS is likely to file its prospectus with the Registrar of Companies (ROC) for final clearance either tomorrow or on Monday.
"Once the ROC clears it, TCS is expected to hit the market on July 29 even though it will have three months after the ROC clearance to float the issue," sources said.
TCS vice-president for corporate communications Atul Takle declined to comment on the development, citing the "silent period" TCS was in.
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