Tata Investment Corporation share price surged to a fresh 52-week high and settled at record high on Tuesday as Tata Capital gears up to launch its initial public offering (IPO) next week.
The stock climbed 20 percent to touch an intraday high of Rs 10,611.50 apiece on the NSE. It has advanced nearly 22 percent over the last three sessions and gained more than 54 percent in the past one month, according to exchange data.
Over 3.36 lakh shares were traded in 38 block deals, almost all at a premium to Monday's close, according to the NSE data. More than 4.7 million shares were traded in today's trading session, almost 12x their 30-day average.
Tata Investment Corporation also recently announced a stock split in the ratio of 1:10, its first such corporate action. The record date for the split has been fixed as October 14.
Meanwhile, Tata Capital has set the price band for its Rs 15,512 crore IPO at Rs 310-326 per share, making it the largest public issue of the year. At the upper end, the non-banking financial company is valued at about Rs 1.38 lakh crore.
The issue will open for subscription on October 6 and close on October 8, with the anchor book scheduled for October 3, as per the public announcement.
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