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Last Updated: Thursday, 5 August, 2004, 17:18 GMT 18:18 UK
Tata share offer oversubscribed
Tata Group Chairman Ratan Tata at press conference in Bombay
Tata Group Chairman Ratan Tata at press conference in Bombay
India's biggest-ever share sale, by home-grown software services giant Tata Consultancy (TCS) was more than ten times oversubscribed.

The share offering opened on 29 July, and was sold out by the second day.

"We knew that we had a good story going . The retail application could be crossing a million anytime now," said S Mahalingam, TCS's financial officer.

The debut share offering will rake in $1.2bn (660m) for the software firm, which is being spun out from Tata group

It is one of India's biggest private business empires with interests which range from tea to trucks.

A 60% portion of the issue, which was set aside for institutional investors, was oversubscribed eight times.




SEE ALSO:
Strong demand for Tata share sale
30 Jul 04  |  Business
India launches record share float
29 Jul 04  |  Business
India's Tata to target telecoms
17 Jun 04  |  Business


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