Tenneco Clean Air Promoter Sells Rs 2,078.5 Cr Stake
By Business Desk
Tenneco Clean Air’s promoter plans to sell an Rs 2,078.5 crore stake via block deal on August 12, offering shares at a 6% discount.
Tenneco Clean Air Ltd. is set to undergo a significant market event, with its promoter planning to divest a stake exceeding Rs 2,000 crore. This block deal is scheduled for Wednesday, August 12, and is expected to draw considerable market attention.
The initial offer for this transaction involves 32.3 million shares. This volume represents 8% of the company’s total equity, as per the details of the upcoming sale.
Deal Structure and Valuation
An option to increase the sale by an additional 8.1 million shares is also part of the deal. This further sale would constitute an extra 2% stake in Tenneco Clean Air.
The total estimated value of this block deal stands at Rs 2,078.5 crore. The offer price for these shares has been fixed at Rs 515 per share.
Pricing and Lock-in Terms
This offer price represents a 6% discount compared to the current market price of Tenneco Clean Air shares. Any remaining stake held by the promoter after this transaction will be subject to a 90-day lock-in period.
HSBC, JM Financial, and Axis Capital have been appointed as the bankers to facilitate this substantial transaction. As of June 30, the promoter of Tenneco Clean Air held a 74.79% stake in the company, according to data from NSE.