Business

Tata Technologies Submits IPO Paperwork To SEBI

The Tata Group has submitted paperwork to market regulator Sebi in order to begin Tata Technologies’ initial public offering (IPO). There will be no new shares issued as part of the IPO; instead, the promoter, Tata Motors, and two other current shareholders are making a pure offer for sale.

Tata Motors said, “We wish to tell you that Tata Technologies, a subsidiary of Tata Motors Limited, has informed the company that it has today filed a draught red herring prospectus dated March 9, 2023, with the Securities and Exchange Board of India for an initial public offering”.

The IPO will be conducted by an offer for sale (OFS) of up to 95,708,984 equity shares, or about 23.60% of the company’s paid-up share capital.

The offering consists of up to 4,858,425 equity shares from Tata Capital Growth Fund I, up to 81,133,706 equity shares from Tata Motors, and up to 9,716,853 equity shares from Alpha TC Holdings, each representing up to 20%, 2.40%, and 1.20% of Tata Technologies’ paid-up share capital, respectively.

Tata Motors currently owns 74.42% of Tata Technologies, while Alpha TC Holdings Pte Ltd, a Singapore-based investment firm managed by Tata Capital Advisors, owns 8.96% and Tata Capital Growth Fund owns the remaining 4.48%.

According to Tata Tech, a pre-IPO placement of its shares is not being considered. 35% of the IPO size would be set aside for retail investors under the offer, which is being made through the book-building process.

Tata Motors’ engineering division works with automotive, aerospace, heavy industrial machines, and other industries. It aids businesses in the fusion of traditional engineering and digital technologies to create better products as a global provider of product engineering and digital services.

Also read: Silicon Valley Bank Advises Clients To Remain Calm

Spriha Rai

Recent Posts

Reaffirming Gandhi Ji’s Global Relevance: PM Modi’s International Tributes

Prime Minister Narendra Modi continues to honor Mahatma Gandhi’s ideals beyond India’s borders. During his…

11 hours ago

Delhi High Court Upholds AIMIM’s Recognition As Political Party

'The petitioner’s arguments cannot override the constitutional rights of AIMIM members. This petition has no…

12 hours ago

‘Democracy First, Humanity First’: PM Modi Highlights India-Guyana Parallels In Parliament Address

PM Modi emphasized the shared struggles of India and Guyana for independence from colonization. PM…

12 hours ago

Maharashtra Records 65.11% Voter Turnout In Assembly Elections, Marking A 30-Year High

The rise in turnout came with an 8.5% increase in the number of eligible voters.…

13 hours ago

42 Killed, 14 Injured In Militant Ambush In Pakistan’s Kurram Agency

"42 people have died as a result of firing on passenger vehicles in Kurram district.…

14 hours ago

Delhi HC Denies Relief To Arvind Kejriwal In Money Laundering Case

The Delhi HC has refused to stay the proceedings against Arvind Kejriwal in the money…

15 hours ago