Tata Technologies Gears Up for IPO After Nearly Two Decades

Tata Technologies Gears Up for IPO After Nearly Two Decades

VoM News Desk | November 14, 2023 | 12:01 PM IST | Breaking News | Follow on Google News

Tata Technologies Gears Up for IPO After Nearly Two Decades

Tata Technologies Gears Up for IPO After Nearly Two Decades

Tata Group is set to launch an initial public offering (IPO) for Tata Technologies, marking its first public issue since Tata Consultancy Services (TCS) in 2004. The IPO, scheduled for November 22, will be an offer-for-sale (OFS).

Details of the Offer-for-Sale

The upcoming IPO will offer up to 60,850,278 equity shares. This includes up to 46,275,000 equity shares by the company, 9,716,853 shares by Alpha TC Holdings Pte. Ltd., and 4,858,425 shares by Tata Capital Growth Fund I.

Tata Technologies’ Journey to IPO

Tata Technologies Limited, a subsidiary of Tata Motors Limited, filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India earlier this year. This IPO also includes a reservation of up to 6,085,027 equity shares for eligible shareholders of Tata Motors Limited (TML).

IPO Subscription Dates

The Tata Technologies IPO will open for public subscription on Wednesday, November 22, 2023, and will close on Friday, November 24, 2023.

Tata Motors’ Financial Performance

The announcement comes following Tata Motors’ report of a consolidated net profit of ₹3,783 crore for the September quarter, driven largely by the performance of its British arm Jaguar Land Rover. This marks the fourth consecutive quarter of positive results for the company.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.