Financial Daily from THE HINDU group of publications
Wednesday, Aug 25, 2004
Financial Daily from THE HINDU group of publications Wednesday, Aug 25, 2004 |
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Software Info-Tech - Stocks Markets - Stock Markets TCS shares listing today Our Bureau
Mumbai , Aug. 24 SHARES of Tata Consultancy Services (TCS) will be listed on stock exchanges tomorrow. Unlike most other IPOs, TCS has planned listing ceremonies at both the National Stock Exchange and the Bombay Stock Exchange. The Chairman of Tata Sons, Mr Ratan Tata, is expected to ring the NSE bell on Wednesday to begin trading of the shares. Senior officials of Tata Sons and TCS are expected at the BSE function. The market buzz is that the Re 1 share is likely to make a debut at around Rs 1,100, as against its offer price of Rs 850. According to sources, the shares are already being quoted in the grey market at a premium of Rs 200. In view of the interest of market participants in TCS shares, it has also been included in the derivatives segment from tomorrow, with a lot size of 250 shares. In a notice to its members, the NSE said the new security (TCS) will open for trading initially in the cash segment and subsequently trading will commence in the Future and Options segment. "Based on the base price determined in the security after the opening of the cash market, three in the money strikes, one at the money strike and three out of the money strikes will be made available to the market," the circular said. The TCS issue, the biggest in the history of corporate India, had raised around Rs 5,300 crore from the retail, institutional investors and high net worth individuals. It was oversubscribed over 10 times and priced at Rs 850 for Re 1 face-value share.
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