Tata Capital board approves plans for IPO, Rs 1,504-cr rights issue
rights issue of Rs 1,504 crore.
The size of the IPO is expected to be roughly $2 billion or around Rs 18,000 crore, ET had reported earlier. At a meeting on Tuesday, the company's board approved the initial public offering, which will include a fresh issue of 230 million shares as well as an offer for sale by existing shareholders, according to the company's exchange filing.
The listing will be subject to market conditions and receipt of regulatory and other approvals, the company informed the stock exchange. The record for the rights issue is February 25.
Tata Sons holds a 93% stake in Tata Capital. In December, ET had reported that the company had started the IPO process and appointed Kotak Mahindra Bank as the investment banker.
In September 2022, the Reserve Bank of India had designated Tata Capital's subsidiary Tata Capital Financial Services Ltd (TCFSL) as an upper layer NBFC. The classification came with stricter regulatory compliance and listing within three years. The deadline for listing is September 2025.
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