 "Auto-parts maker Varroc Engineering's Rs 19.6-bn IPO opens on June 26")
Auto parts manufacturer Varroc Engineering' Rs 19.6-billion initial public offering (IPO) will open on June 26.
The price band for the issue has set a price range of Rs 965 to Rs 967 a share. At the upper end of the range, the Tarang Jain-promoted company will be valued at Rs 130 billion.
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 and up to 1.6 million shares by Tata Capital Financial Services. Post the IPO, promoter shareholding in the company will decline to 85 per cent. Kotak Mahindra Capital, Citigroup Global Markets, Credit Suisse Securities are global coordinators and book-runners for the offer. The issue will close on June 28.
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