A Tata group company Tata Autocomp Systems (TACO) has shelved its USD 260 million initial public offering (IPO), reports CNBC-TV18 quoting agencies.
The automobile components manufacturer had filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in December 2010 to raise Rs 750 crore.
The issue included sale of about 3.56 crore shares by its shareholders including Tata Motors, Tata Industries, Tata Sons, Tata Capital and Tata Investment Corporation.
Presently, Tata Motors holds a 26% stake in TACO, while Tata Industries controls 34.40%, Tata Sons 14.25%, Tata Capital 24% and Tata Investment Corporation 1.35% stake.
JM Financial Consultants, Tata Capital Markets and JP Morgan India were the lead managers to issue.
Tata AutoComp provides products and services to the Indian and global automotive OEMs as well as Tier 1 suppliers.
Its customers include Fiat India Automobiles, Toyota Kirloskar Motor, General Motors India, Mahindra & Mahindra, Volkswagen India, Ford India, Honda Siel Cars India and Ashok Leyland.
