Tata Tech IPO Receives SEBI Approval, Marking Tata Group’s First Public Issue in 20 Years
In a significant development for the Indian capital market, the Securities and Exchange Board of India (SEBI) has granted approval for Tata Technologies Ltd’s initial public offering (IPO). This marks the first public issue from the esteemed Tata group in almost 20 years, signifying a notable milestone for the conglomerate.
SEBI has also given the green light to the IPOs of SBFC Finance Ltd and Gandhar Oil Refinery Ltd, further enriching the investment landscape.
Tata Technologies submitted its draft papers to SEBI in March, creating anticipation among investors and market participants. The long-awaited IPO is structured as a complete offer for sale (OFS), encompassing the sale of up to 95.71 million shares by existing promoters and shareholders. Among the major contributors to the OFS are Tata Motors, planning to sell up to 81.13 million shares, Alpha TC Holdings Pte, looking to offload 9.72 million shares, and Tata Capital Growth Fund I, intending to sell up to 4.86 million shares.
Presently, Tata Motors holds a substantial 74.69 percent stake in Tata Technologies, while Alpha TC Holdings Pte maintains a 7.26 percent stake. Additionally, Tata Capital Growth Fund I possesses a 3.63 percent stake in the company.
The IPO will be managed by prominent financial institutions, with JM Financial Ltd, BofA Securities, and Citigroup Global Markets India Pvt Ltd serving as the lead managers for the offering. Their expertise and experience will play a crucial role in ensuring the success of this highly anticipated IPO.
About Tata Tech:
Tata Technologies Ltd, a subsidiary of Tata Motors, is a company operating under the Tata Group that provides engineering and design services, product lifecycle management, manufacturing, product development, and IT service management to original equipment manufacturers and their suppliers in the automotive and aerospace sectors.
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