Tenneco Clean Air India Ltd, part of the US-headquartered Tenneco Group, is set to float its initial public offering (IPO) on November 12, targeting to raise ₹ 3,600 crore.
The proposed IPO is entirely an Offer for Sale (OFS) by the promoter Tenneco Mauritius Holdings Ltd, with no fresh equity issuance, according to the red herring prospectus (RHP).
The company has raised its issue size to ₹ 3,600 crore from ₹ 3,000 crore planned earlier, according to the draft papers filed in June.
Since the issue is entirely an OFS, the company will not receive any proceeds from the IPO and all funds raised will go directly to the selling shareholder.
The objective of the IPO is to achieve the benefits of listing, the papers stated. Tenneco Mauritius Holdings Ltd, Tenneco (Mauritius) Ltd, Federal-Mogul Investments B.V., Federal-Mogul Pty LTD, and Tenneco LLC are the promoters of the company.
Tenneco Clean Air India is part of the Tenneco Group, a US-headquartered automotive component supplier. It manufactures and supplies critical, highly engineered and technology-intensive clean air, powertrain and suspension solutions tailored for Indian OEMs and export markets.
The IPO is being managed by JM Financial, Citigroup Global Markets India, Axis Capital and HSBC Securities and Capital Markets (India) Private Limited.
