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Tata Group has finalised a syndicate of 10 investment banks for the over Rs 15,000 crore initial public offering (IPO) of its financial services company Tata Capital. Kotak Mahindra Capital, Citi, JP Morgan, Axis Capital, ICICI Securities, HSBC Securities, IIFL Capital, BNP Paribas, SBI Capital and HDFC Bank have been appointed for this big deal, Moneycontrol reported citing sources.
Tata Capital is a non-banking financial services (NBFC) company and a subsidiary of Tata Sons, the business group's flagship investment holding company. According to the report, Tata Capital may file draft papers through the confidential pre-filing route by the end of March or early April. The report said that in the IPO, which is expected to be a combination of primary and secondary issue of shares, promoter Tata Sons and investor IFC may reduce their stake.
Tata Sons held 92.83 per cent stake As of March 31, 2024, Tata Sons directly held 92.83 per cent stake in Tata Capital Limited, while the remaining stake was held by other Tata Group entities and IFC. A Fitch report released last month said that after the planned public listing of Tata Capital, Tata Sons' stake in Tata Capital is unlikely to fall below 75 per cent in the near future. IPO plan was approved in February On February 25, the Tata Capital board approved the IPO plan and said it would include a fresh issue of up to 230 million shares and an offer for sale (OFS) of equity shares by existing shareholders. The company said the IPO is subject to market conditions and regulatory approvals. The board of Tata Capital also approved a rights issue to raise Rs 1,504 crore ahead of the IPO launch. Earlier reports said Tata Capital has started work on its IPO to comply with regulatory norms.
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