Tenneco Clean Air raises Rs 1,080 crore via anchor book ahead of Rs 3,600-crore IPO

US-based Tenneco Group backed automotive component manufacturer Tenneco Clean Air India has mopped up Rs 1,080 crore from 58 anchor investors on November 11, a day before the IPO launch for the public.

The company is opening its Rs 3,600-crore initial public offering (IPO) for all investors on November 12 and closing on November 14 with price band of Rs 378-397 per share. It is entirely an offer-for-sale by promoter Tenneco Mauritius Holdings, hence the company will not receive any funds from the offer.

Tenneco Clean Air on Tuesday has finalised allocation of 2.72 crore equity shares to anchor investors at the upper price band. Of which, 1.47 crore equity shares (54.15 percent of total anchor portion) were allocated to 17 domestic mutual funds including SBI Mutual Fund, ICICI Prudential MF, HDFC AMC, Kotak Mahindra AMC, Axis MF, Tata MF, Motilal Oswal AMC, Invesco, Quant Mutual Fund, Edelweiss, and Sundaram Mutual Fund.

Other domestic institutional investors like SBI Life Insurance, ICICI Prudential Life Insurance, HDFC Life Insurance, and Axis Max Life Insurance also became shareholders in the company.