Tata Technologies files DRHP with SEBI for IPO
Tata Technologies Ltd., a subsidiary of Tata Motors Ltd., has filed a draft red herring prospectus with market regulator Securities and Exchange Board of India (SEBI) for an initial public offering.
The company plans on selling up to 9.5 crore shares, representing nearly 23.6 percent of its paid-up share capital through the IPO, according to the exchange filing.
Parent company Tata Motors Ltd., will be selling 8.1 crore shares or 20 percent stake through an Offer for Sale. Other selling shareholders in the IPO will be Alpha TC Holdings Pte. Ltd., which plans to sell 97.1 lakh shares (2.4 percent), and Tata Capital Growth Fund I, which plans to sell 48.58 lakh shares (1.2 percent) of Tata Technologies.
According to the company’s annual report of 2022, Tata Motors owns a 74.42 percent stake in Tata Technologies.
Tata Motors in December last year gave in-principle approval for partial divestment of the company’s investment in Tata Technologies via the initial public offering (IPO) route.
