Tata Chemicals share price rebounds from intraday low after THIS RBI’s RTI reply
- Tata Chemicals share price jumped more than 2% on Tuesday after the Reserve Bank of India (RBI) responded to the application of Tata Sons seeking exemption from an Initial Public Offering (IPO).
Tata Chemicals share price jumped more than 2% on Tuesday after the Reserve Bank of India (RBI) responded to the application of Tata Sons seeking exemption from an Initial Public Offering (IPO).
Tata Chemicals stock price jumped as much as 2.5% to ₹1,134.00 apiece on the BSE. The Tata Group stock opened higher at ₹1,119.95 as against its previous close of ₹1,106.40. It hit an intraday low of ₹1,119.65 and a high of ₹1,134.00 on the BSE.
In response to a Right To Information (RTI) application, RBI said that Tata Sons’ application with regards to it seeking exemption from IPO is under examination, CNBC-TV18 reported.
RBI’s reply dated November 14 was to a question in the RTI application, which stated that “Has a decision been taken on the application of Tata Sons,” the news report said.
Tata Sons’ application for surrender of Certificate of Registration (COR) as a Core Investment Company (CIC) is “under examination”, RBI said in the RTI reply, according to the report.
As per the RBI regulations, entities classified as “upper-layer NBFC” have to be listed on the bourses within three years of being declared as one. Hence, Tata Sons will have to be listed on till September 2025.
Tata Chemicals shares came under investors’ radar, emerging as a potential key beneficiary of a value-unlocking exercise should Tata Sons proceed with an IPO.
According to estimates by brokerage firm Spark Capital earlier this year, Tata Chemicals’ 3% stake in Tata Sons was valued at approximately ₹19,850 crore, representing nearly 80% of the company’s market capitalization at the time. However, with the company's market capitalization now exceeding ₹28,600 crore, as of December 2024, the valuation dynamics may warrant a reassessment.
At 11:35 AM, Tata Chemicals shares were trading 1.55% higher at ₹1,123.50 apiece on the BSE.
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