Shares of Tenneco Clean Air Ltd are expected to remain in focus as promoter plans to sell shares through a block deal worth more than Rs 2000 crore on Wednesday, August 12
According to sources, the base offer size for the block deal is 32.3 million shares, representing 8% of the company's equity, with an upsize option of 8.1 million shares, or an additional 2% stake. The total block deal size is estimated at Rs 2,078.5 crore, with the offer price set at Rs 515 per share, a 6% discount from the current market price. The remaining stake will be subject to a 90-day lock-in period.
HSBC, JM Financial and Axis Capital are acting as the bankers to the deal, sources said.
Tenneco Clean Air promoter owns 74.79% stake as of quarter ended on June 30, according to data collected by NSE.
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