Tata Motors announced last month that it had signed an agreement to sell TPG Rise Climate a 9.9% share in Tata Technologies for ₹1,613.7 crore.
Tata Tech IPO: On November 22, the public will be able to subscribe to Tata Technologies’ initial public offering (IPO), which will offer digital services for engineering and product development.
In a regulatory statement on Monday, Tata Motors said that the firm, a division of the corporation, has submitted the red herring prospectus (RHP) to the Maharashtra Registrar of Companies on November 13, 2023. It further stated that up to 60,850,278 shares, or 15% of Tata Technologies’ paid-up equity share capital, would be offered for cash as part of the IPO.
Tata Motors will sell a 11.4% stake, Tata Capital Growth Fund I will give up 1.2% of its holdings, and private equity company Alpha TC Holdings will sell a 2.4% stake as part of the process.
According to Tata Motors, the IPO will finish on November 24, 2023, and be available for public subscription on November 22.
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Tata Motors announced last month that it had signed an agreement to sell TPG Rise Climate a 9.9% share in Tata Technologies for ₹1,613.7 crore.
On Monday, shares of Tata Motors closed nearly unchanged at ₹653.10 each on the BSE.
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