Description

BSE announces listing of 403,604,309 equity shares of Tenneco Clean Air India Limited with specified lock-in periods for different categories of shareholders.

Summary

BSE has announced the listing of 403,604,309 equity shares of Tenneco Clean Air India Limited (formerly Tenneco Clean Air India Private Limited) with effect from November 17, 2025. The listing includes shares allocated to anchor investors and public IPO participants, with varying lock-in periods ranging from 30 days to 18 months depending on shareholder category.

Key Points

  • Total equity shares listed: 403,604,309 shares
  • Company CIN: U29308TN2018FLC126510
  • Registered office: Nissan Supplier Park, SIPCOT Industrial Park, Oragadam, Sriperumbudur, Kancheepuram District, Tamil Nadu
  • 136,020,002 anchor investor shares locked-in for 30 days (until December 16, 2025)
  • 136,020,028 anchor investor shares locked-in for 90 days (until February 14, 2026)
  • 63,476,070 shares available for IPO public with no lock-in
  • Company previously cancelled 563,624,291 equity shares pursuant to NCLT orders dated April 24, 2021 and February 1, 2023
  • All shares are in demat form
  • Alternative Investment Fund (AIF) holdings locked-in until April 29, 2026 per SEBI ICDR Regulations

Lock-in Details

Anchor Investors:

  • 136,020,002 shares: 30-day lock-in (November 17, 2025 to December 16, 2025)
  • 136,020,028 shares: 90-day lock-in (November 17, 2025 to February 14, 2026)

Public IPO Shares:

  • 63,476,070 shares: No lock-in applicable

Promoter/Pre-IPO Holdings:

  • 30,000 shares: 6-month lock-in (until May 17, 2026)
  • 239,441,970 shares: 6-month lock-in (until May 17, 2026)
  • 32,619,640 shares: Lock-in until April 29, 2026 (AIF holdings)
  • 807,708,620 shares: 18-month lock-in (until May 17, 2027)
  • 154,017,060 shares: 6-month lock-in (until May 17, 2026)
  • 189,515,480 shares: 6-month lock-in (until May 17, 2026)

Regulatory Changes

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

Compliance Requirements

  • Anchor investors must comply with 30-day and 90-day lock-in periods as applicable
  • AIF shareholders must maintain lock-in until April 29, 2026
  • Other pre-IPO shareholders subject to 6-month or 18-month lock-in periods
  • Company Secretary: Roopali Singh (Membership No. A15006) serving as Compliance Officer

Important Dates

  • Listing Date: November 17, 2025
  • Prospectus Date: November 14, 2025
  • Anchor Lock-in Expiry (30-day): December 16, 2025
  • Anchor Lock-in Expiry (90-day): February 14, 2026
  • AIF Lock-in Expiry: April 29, 2026
  • 6-month Lock-in Expiry: May 17, 2026
  • 18-month Lock-in Expiry: May 17, 2027

Impact Assessment

Market Impact: Medium impact as this is a substantial new listing with over 403 million shares entering the market. The staggered lock-in structure will create gradual liquidity increases over 18 months.

Liquidity: Approximately 63.5 million shares (15.7% of total) are immediately tradable without lock-in restrictions. Additional tranches will become liquid at various intervals through May 2027.

Investor Consideration: The company’s history includes significant capital reduction (563.6 million shares cancelled via NCLT orders), which investors should consider when evaluating the company’s corporate actions history. The distinctive number variation reflects this past restructuring.

Impact Justification

New equity listing with significant share count and multiple lock-in periods affecting investor liquidity