Promoter Tenneco Mauritius Holdings has sold a 2.75% equity stake in Tenneco Clean Air India, the Gurugram-based automotive components manufacturer, which is preparing for a ₹3,000 crore initial public offering (IPO).
The secondary share sale, executed on October 30, values the company at ₹16,023 crore. As per the public notice to investors, Tenneco Mauritius transferred 1.1 crore shares for ₹440 crore, at ₹397 per share, to 14 institutional investors.
Following the transaction, the promoter’s holding declined to 82.69% from 85.43%.
Among the investors, 360 ONE Special Opportunities Fund emerged as the largest buyer, acquiring 18.89 lakh shares (0.47% stake) for ₹75 crore. It was followed by Kotak Mahindra Life Insurance and WhiteOak Capital, which invested ₹60 crore and ₹55 crore, respectively.
Other prominent investors participating in the deal include SBI Mutual Fund, Axis New Opportunities AIF, Think India Opportunities Master Fund, 3P India Equity Fund (managed by Prashant Jain), and VQ Fastercap Fund.
Tenneco Clean Air India, part of the US-headquartered Tenneco Group, manufactures clean air, powertrain, and suspension solutions for both domestic OEMs and export markets. The company filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 30, 2025, and received approval on October 3.
The proposed ₹3,000 crore IPO will be entirely an offer-for-sale (OFS) by Tenneco Mauritius Holdings, meaning the promoter will receive all proceeds from the public issue, and the company itself will not get any fresh capital.
Tenneco Clean Air India operates 12 manufacturing plants and two R&D technical centres, positioning itself as India’s largest supplier of clean air solutions for commercial vehicles, as well as shock absorbers and struts for passenger vehicles.
In FY2025, the company catered to 119 clients, including Ashok Leyland, Bajaj Auto, Daimler India, Honda Motorcycle & Scooter India, Hyundai Motor India, John Deere India, Mahindra & Mahindra, Maruti Suzuki, Royal Enfield, Tata Motors, Toyota Kirloskar, and VE Commercial Vehicles.
The IPO will be jointly managed by JM Financial, Citigroup Global Markets India, Axis Capital, and HSBC Securities and Capital Markets (India).
