TVS Supply Chain Solutions Rs 880 cr IPO to open on Aug 10

TVS Supply Chain Solutions, part of TVS Mobility Group, on Monday said it has fixed a price band of Rs 187-197 per share for its Rs 880 crore Initial Public Offering (IPO). The initial share sale will be open for public subscription during August 10-14 and the bidding for anchor investors will open on August 9, the company said. The IPO comprises a fresh issue of equity shares aggregating up to Rs 600 crore and an Offer for Sale (OFS) of 1.42 crore equity shares by existing shareholders. Those offering shares in the OFS include Omega TC Holdings Pte Ltd, Tata Capital Financial Services, TVS Motor Company Ltd and Kotak Special Situations Fund. Proceeds from the fresh issue to the tune of Rs 525 crore will be utilised for payment of debt availed by the company and its subsidiary TVS LI UK. Besides, funds will be used for inorganic growth strategy and general corporate purposes.