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SEBI approves TCS IPOnews
17 July 2004

Mumbai: SEBI has given clearance to Tatas for the proposed initial public offering of Tata Consultancy Services, that is likely to realise over Rs 5,000 crore (Rs 50 billion).

"We got all the clearances from SEBI last evening," TCS vice president corporate communication Atul Takle told PTI from Mumbai.

Tatas had submitted on Thursday their response to a clarification sought by SEBI on the draft red herring prospectus, Takle said.

On whether the company would file on Monday papers before the Registrar of Companies for the IPO, which is perhaps the last requirement for TCS before announcing the launch date and price band, he said: "It has not yet been decided."

They, however, said it would require about ten days to begin the IPO after all the formalities, including filing with RoC, are completed.

Incidentally, July 29 coincides with the birthday of group founder JRD Tata and the centenary celebrations of the Tatas, who have, at present, market capitalisation of over Rs 50,000 crore (Rs 500 billion).

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SEBI approves TCS IPO