Tata Motors unit Tata Technologies files IPO papers with Sebi: Tata Group has initiated the process of launching an initial public offering (IPO) for Tata Technologies by submitting papers to the Securities and Exchange Board of India (SEBI). The IPO is an offer for sale by Tata Motors, the promoter of Tata Technologies, and two other existing shareholders. No new shares will be issued as part of the IPO. In an official statement, Tata Motors declared that its subsidiary, Tata Technologies, had filed a draft red herring prospectus with SEBI for the proposed IPO.
★★ Latest Current Affairs ★★
| Join Telegram |  |
| Join Whatsapp Groups |  |
Tata Technologies files IPO papers with Sebi
The initial public offering (IPO) of Tata Technologies will involve the sale of up to 95,708,984 equity shares, which accounts for approximately 23.60% of its paid-up share capital. Currently, Tata Motors holds 74.42% in Tata Technologies, while Alpha TC Holdings Pte Ltd and Tata Capital Growth Fund own 8.96% and 4.48%, respectively. The IPO will consist of an offer for sale of up to 81,133,706 equity shares by Tata Motors, 9,716,853 equity shares by Alpha TC Holdings, and up to 4,858,425 shares by Tata Capital Growth Fund I, representing up to 20%, 2.40%, and 1.20% of Tata Technologies paid-up share capital, respectively. In December, the board of Tata Motors had authorized a partial divestment of its stake in Tata Tech through a public float.
★★ Current Affairs Quiz ★★
Tata Motors unit Tata Technologies files DRHP with SEBI for IPO
- The engineering unit of Tata Motors serves industries such as automotive, aerospace, and heavy machinery.
- The company offers global product engineering and digital services to aid companies in developing better products by merging digital technology and traditional engineering.
- In the nine-month period that ended in December 2022, the company recorded a revenue of Rs 3,011.8 crore, which represents a YoY growth of 15.5%. The company’s profit for the period was Rs 407.5 crore.
- This is the second IPO being filed by the Tata Group after the IPO of TCS in 2004.
- Earlier, in December, Tata Play, a satellite TV operator, had filed confidential IPO papers with Sebi, making it the first company to do so under the new regulations.
To learn more about Tata Motors unit Tata Technologies files IPO papers with Sebi, stay updated by following freshersnow.com.