Promoter Tenneco Mauritius Holdings has offloaded 2.75 percent equity stake in Tenneco Clean Air India, the automotive component manufacturing company, which has planned for Rs 3,000-crore IPO launch.
This secondary sale transaction executed on October 30 has valued the Gurugram-based company at Rs 16,023 crore.
Tenneco Mauritius Holdings has transferred its 1.1 crore equity shares in the clean air solutions company to 14 investors for Rs 440 crore, at a price of Rs 397 per share, as per the notice to investors published in newspaper.
As a result, promoter's shareholding in the company reduced to 82.69 percent from 85.43 percent earlier.
360 ONE Special Opportunities Fund, the largest investor amongst them, acquired 18.89 lakh shares in Tennaco (0.47 percent stake) for Rs 75 crore, followed by Kotak Mahindra Life Insurance, and WhiteOak Capital which picked shares worth Rs 60 crore and Rs 55 crore, respectively.
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Other marquee names like SBI Mutual Fund, Axis New Opportunities AIF, Think India Opportunities Master Fund, Prashant Jain's 3P India Equity Fund, and VQ Fastercap Fund also invested in Tenneco that manufactures clean air, powertrain and suspension solutions for Indian OEMs (original equipment manufacturer) and export markets.
Tenneco Clean Air India, a part of the US-headquartered automotive component supplier Tenneco Group, has filed the draft document with the SEBI for its Rs 3,000-crore IPO on June 30 this year, while the capital markets regulator approved the said public issue on October 03.
It is entirely an offer-for-sale by Tenneco Mauritius Holdings, which as a result will receive entire IPO proceeds, and the company will not get any funds from the offer.
With 12 manufacturing facilities and two R&D technical centres, Tenneco Clean Air India claims largest supplier of clean air solutions to commercial trucks OEMs, and shock absorbers and struts to passenger vehicle OEMs in India.
In fiscal 2025, it had served 119 customers including Ashok Leyland, Bajaj Auto, Daimler India Commercial Vehicle, Honda Motorcycle and Scooter India, Hyundai Motor India, John Deere India, Mahindra & Mahindra, Maruti Suzuki India, Royal Enfield, Tata Motors, Toyota Kirloskar Motor, and VE Commercial Vehicles.
JM Financial, Citigroup Global Markets India, Axis Capital, and HSBC Securities and Capital Markets (India) will be managing the Tenneco Clean Air India IPO.
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