Current Deals

News details

...
Ahead of IPO, Tata Motors to sell 9.9% stake in Tata Technologies for Rs 1,614 crore

Ahead of the IPO, parent Tata Motors will sell 9.9% stake in Tata Technologies for about Rs 1,614 crore. TPG Rise Climate will pick up about 9% stake in the transaction, which valued Tata Technologies at Rs 16,300 crore ($2 billion). Ratan Tata Endowment Foundation will buy the remaining 0.9% from Tata Motors.

This transaction is said to further Tata Motors’ de-leveraging agenda and is expected to close in the next two weeks on completion of customary closing procedures.

The size of the IPO wasn’t disclosed. However, according to analysts, given Tata Tech’s equity valuation of Rs 16,000 crore, the offered size could be at least Rs 3,800-4,000 crore. JM Financial Limited, Citigroup Global Markets India Private Limited, and BofA Securities India Limited are the book running lead managers.

https://economictimes.indiatimes.com/markets/stocks/news/ahead-of-ipo-tata-motors-to-sell-9-9-in-tata-technologies-for-rs-1614-cr/articleshow/104404256.cms