Tata Technologies, a subsidiary of Tata Motors, has filed a draft prospectus with the SEBI for an initial public offering. The company plans on selling up to 9.5 crore shares, representing nearly 23.6% of its paid-up share capital through the IPO.
Tata Technologies Ltd. files for IPO
Tata Technologies Ltd., a subsidiary of Tata Motors Ltd., has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offering. According to the exchange filing, the company plans on selling up to 9.5 crore shares, representing nearly 23.6% of its paid-up share capital through the IPO.
Parent company Tata Motors Ltd. will be selling 8.1 crore shares, or a 20% 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%), and Tata Capital Growth Fund I, which plans to sell 48.58 lakh shares (1.2%) of Tata Technologies.
Tata Technologies: A global engineering and product development digital services firm
Tata Technologies is a global engineering and product development digital services firm that offers services to industries across automotive, aerospace, industrial heavy machinery and others. The company is a strategic supplier to Airbus and had recently inaugurated its innovation centre in Toulouse, France, as part of its strategy to cater to the product engineering and digital requirements of the global aerospace and defence sector.
In June, Tata Technologies joined the Foxconn-initiated MIH Consortium to promote the development of sustainable mobility solutions and encourage collaboration within the industry. For financial year 2022, Tata Technologies had clocked revenue of $473.5 million.
Partial divestment of Tata Motors’ investment in Tata Technologies
According to the company’s annual report of 2022, Tata Motors owns a 74.42% 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.
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