Varroc Engineering's $288 mn IPO to open for subscription on June 26

Auto parts manufacturer Varroc Engineering Ltd has set a price range of Rs 965 to Rs 967 a share for an initial public offering (IPO) that will open on June 26, according to a public notice on Tuesday.

At the upper end of the range, the IPO will raise about Rs 19.55 billion ($287.46 million), the notice added.

The IPO comprises sale offer of up to 1.8 million shares by promoter Tarang Jain, about 16.9 million shares by Omega TC Holdings Pte Ltd and up to 1.6 million shares by Tata Capital Financial Services Ltd.

Kotak Mahindra Capital, Citigroup Global Markets India, Credit Suisse Securities (India) are global co-ordinators and bookrunners for the offer, which closes on June 28.