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Business News/ Markets / Ipo/  Tata Technologies IPO to open for subscription on November 22. Details here
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Tata Technologies IPO to open for subscription on November 22. Details here

Tata Technologies IPO: Tata Motors' subsidiary Tata Technologies is planning to launch its IPO, offering up to 60,850,278 equity shares. The IPO will be open for subscription from November 22 to November 24

Tata Technologies IPO: This will be the first IPO from Tata Group since the successful launch of Tata Consultancy Services (TCS) in 2004. (Reuters)Premium
Tata Technologies IPO: This will be the first IPO from Tata Group since the successful launch of Tata Consultancy Services (TCS) in 2004. (Reuters)

Tata Technologies IPO: After a gap of nearly two decades, Tata Group is going to launch its initial public offer (IPO) in the primary market. The company plans to float its public issue on November 22 as an offer-for-sale (OFS). This will be the first IPO from Tata Group since the successful launch of Tata Consultancy Services (TCS) in 2004.

“We now wish to inform you that the Company has been informed by Tata Technologies Limited that it has filed today, the RHP dated Monday, November 13, 2023, with the Registrar of Companies, Maharashtra in Pune . This IPO is an Offer For Sale (“Offer") of up to 60,850,278 equity shares for cash (“Equity Shares"), comprising of an offer for (a) up to 46,275,000 Equity Shares by the Company; (b) up to 9,716,853 Equity Shares by Alpha TC Holdings Pte. Ltd.; and (c) up to 4,858,425 Equity Shares by Tata Capital Growth Fund I, each representing up to 11.41%, 2.40%, and 1.20%, respectively of the paid-up Equity Share Capital of Tata Technologies Limited," the company informed in an exchange filing on November 13.

Tata Technologies Limited, a subsidiary of Tata Motors Limited had filed a draft red herring prospectus (“DRHP") dated March 9, 2023, with the Securities and Exchange Board of India for an initial public offering (“IPO").

This IPO provides, inter alia, a reservation of up to 6,085,027 Equity Shares, i.e., 10% of the Offer, for subscription by eligible shareholders of TML, i.e., Individuals and HUFs who are the public equity shareholders (including shareholders holding Ordinary Shares and ‘A’ Ordinary Shares in TML and excluding such persons who are not eligible to invest in the Offer under applicable laws, rules, regulations and guidelines) as on the date of the filing of the RHP, i.e., Monday, November 13, 2023, it further added.

Tata Technologies IPO opening on this date

This IPO will be open for subscription by the public on Wednesday, November 22, 2023, and shall close on Friday, November 24, 2023.

Tata Motors reports consolidated net profit at 3,783 crore in Q2

 

On November 2, Tata Motors reported a consolidated net profit of 3,783 crore for the September quarter, riding on robust performance by its British arm Jaguar Land Rover. This is the fourth successive quarter of positive results for the homegrown auto major.

 

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Published: 14 Nov 2023, 07:22 AM IST
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