Description

Tenneco Clean Air India Limited announces the listing of 40,36,04,309 equity shares with lock-in details for various categories of shareholders including anchor investors, AIF, and promoters.

Summary

Tenneco Clean Air India Limited (formerly Tenneco Clean Air India Private Limited) has announced the listing of 40,36,04,309 equity shares on BSE. The circular provides detailed lock-in information for various categories of shares including anchor investors, Alternative Investment Funds (AIFs), and other shareholders. The company has undergone capital reduction pursuant to NCLT orders, resulting in cancellation of 56,36,24,291 equity shares.

Key Points

  • Total equity shares listed: 40,36,04,309
  • Multiple lock-in periods ranging from 30 days to 18 months depending on shareholder category
  • 13,602,002 anchor investor shares locked-in for 30 days (until December 16, 2025)
  • 13,602,028 anchor investor shares locked-in for 90 days (until February 14, 2026)
  • 6,34,76,070 equity shares designated for IPO public with no lock-in
  • AIF shares (32,61,964) locked-in until April 29, 2026 per SEBI ICDR Regulations
  • Majority of shares under lock-in until May 17, 2026 or May 17, 2027
  • All shares in demat form
  • Company previously cancelled 56,36,24,291 equity shares via NCLT orders dated April 24, 2021, February 1, 2023, and November 23, 2023

Regulatory Changes

No new regulatory changes introduced. The circular complies with existing SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, specifically Regulation 17(c) regarding AIF lock-in requirements.

Compliance Requirements

  • Anchor investors must maintain lock-in for 30 days (for 1.36 crore shares) and 90 days (for 1.36 crore shares)
  • Alternative Investment Funds must maintain lock-in until April 29, 2026 as per SEBI regulations
  • Various shareholder categories subject to lock-in periods extending to May 17, 2026 and May 17, 2027
  • Company Secretary: Roopali Singh (Membership No. A15006) serves as Compliance Officer
  • Detailed lock-in information available on pages 155-157 of the company’s Prospectus

Important Dates

  • November 14, 2025: Prospectus date
  • November 17, 2025: Lock-in commencement date for most categories
  • November 18, 2025: Circular issue date
  • December 16, 2025: Lock-in expiry for 13,602,002 anchor investor shares (30 days)
  • February 14, 2026: Lock-in expiry for 13,602,028 anchor investor shares (90 days)
  • April 29, 2026: Lock-in expiry for AIF shares
  • May 17, 2026: Lock-in expiry for multiple shareholder categories
  • May 17, 2027: Lock-in expiry for 8,07,70,862 shares (18-month lock-in)

Impact Assessment

Market Impact: Medium - The listing of over 40 crore equity shares represents a significant IPO. The staggered lock-in periods will control share supply in the market over the next 18 months, potentially reducing volatility. The public float of 6.34 crore shares (approximately 15.7% of total) provides immediate liquidity.

Investor Impact: Investors should note the varying lock-in schedules. Anchor investors face relatively short lock-ins (30-90 days), while other categories face extended periods up to 18 months. The capital reduction history (56.36 crore shares cancelled) indicates significant corporate restructuring prior to listing.

Company Background: Tenneco Clean Air India Limited, based in Tamil Nadu, operates in automotive components manufacturing (CIN: U29308TN2018FLC126510). The company underwent conversion from private to public limited company and executed substantial capital reduction before this listing.

Impact Justification

New listing of 40.36 crore equity shares with specified lock-in periods for different investor categories. Significant for market participants tracking IPO listings and lock-in schedules.