Citi sells TaMo shares worth Rs 2,089 cr, TVS Supply Chain subscribed 55%

The price band for the TVS Supply Chain IPO is Rs 187 to Rs 197 per equity share

Citi sells TaMo shares worth Rs 2,089 crore

Citi on Thursday sold nearly 34.9 million (1.05 per cent equity) shares of Tata Motors (TaMo). The US-based bank offloaded shares at Rs 599 apiece to mop up Rs 2,089 crore, data released by stock exchanges showed. Market players said that the selling could be a part of the American depositary receipts (ADRs) delisting process.
 

“Citi as a custodian could have sold these shares belonging to ADR holders. The move removes a key overhang for the stock,” said one investment banker.
 

After dropping to a low of Rs 598, shares of TaMo finished at Rs 618 on Thursday, down 0.8 per cent over its previous day’s close. In January, TaMo had announced that it will delist its ADRs listed on the New York Stock Exchange. The move is part of the automobile major’s aim to simplify its equity structure. Last month, TaMo also announced the termination of its differential voting rights or A-share programme. 
 

TVS Supply Chain subscribed 55% on Day 1 of offer

TVS Supply Chain’s initial public offering (IPO) was subscribed 55 per cent on Thursday, with bulk of the bids coming from individual investors on day one. The retail portion of the issue was subscribed 1.71 times (x), high net worth individual 70 per cent and institutional portion 8 per cent. A day earlier, the integrated logistics player had 20.1 million shares to anchor investors at Rs 197 per share, aggregating to Rs 396 crore. TVS Supply is issuing fresh shares worth Rs 600 crore for the IPO. The offering also includes a secondary share sale worth Rs 280 crore.

The price band for the IPO is Rs 187 to Rs 197 per equity share. At the top-end, the Chennai-based firm, part of TVS Mobility Group, is valued at Rs 8,746 crore, with the EV/Ebitda (enterprise value/earnings before interest, taxes, depreciation, and amortisation) value at around 12.6x multiples. Analysts said that the pricing was at a discount to industry average, which is trading around 17-18x. 
 

Samir Arora’s Helios Capital gets MF licence

Helios Capital Management has received final approval from the Securities and Exchange Board of India (Sebi) to launch a mutual fund (MF), said its founder Samir Arora on Thursday. The portfolio management services (PMS) firm had applied for a MF licence in February 2021 and received in-principle approval in September 2022. The approval marks Arora's return to the MF space. He was the chief investment officer of Alliance Capital Mutual Fund between 1993 and 1998.