Tata Motors subsidiary IPO- Tata Technologies files DRHP for public issue of shares
时间:2024-06-26 05:10:38 阅读(143)
Tata Motors Ltd subsidiary Tata Technologies Ltd has filed a draft red herring prospectus with Securities and Exchange Board of India (SEBI) to raise funds via initial public offering (IPO). The issue comprises an offer for sale of up to 95.71 million equity shares for cash (Equity Shares), representing approximately 23.60 per cent of its paid-up share capital (IPO), according to the exchange filing.
Additionally, Tata Motors will sell 81.13 million shares or 20 per cent stake through an Offer for Sale (OFS). Other shareholders that will sell their stakes: Alpha TC Holdings Pte Ltd will sell 9.72 million shares; Tata Capital Growth Fund I will sell 4.86 million shares. Each of these will represent up to 20 per cent, 2.40 per cent, and 1.20 per cent respectively of Tata Technologies paid-up share capital.
Tata Technologies is a global engineering and product development digital services firm and offers services across industries like automotive, aerospace, industrial heavy machinery and others. Its clients include Airbus SE, McLaren, Honda Motor Co and Ford Motor Co, besides Tata Motors and JLR.
The company mostly relies on the Tata Group for business, especially Tata Motors and Jaguar Land Rover. Nevertheless, Tata Technologies has increased the share of business generated outside as well. Its non-captive account contribution increased to 64 per cent in FY22 from 46 per cent in FY20.
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