The company plans to sell up to 9.5 billion shares, representing nearly 23.6 percent of its paid-up equity through the IPO.
Tata Technologies Ltd., a subsidiary of Tata Motors Ltd., has filed a draft prospectus for an IPO with the Securities and Exchange Board of India (SEBI).
The company plans to sell up to 9.5 billion shares, representing nearly 23.6 percent of its paid-up share capital through the IPO, according to IPO documents.
The parent company Tata Motors Ltd. will sell 8.1 million shares, or 20 percent of the shares, through an offer to sell.
Other selling shareholders of the IPO will be Alpha TC Holdings Pte. Ltd., which plans to sell 97.1 lakh shares (2.4 percent) and Tata Capital Growth Fund I, which plans to sell 48.58 lakh shares (1.2 percent) of Tata Technologies.
According to the company’s 2022 annual report, Tata Motors owns a 74.42 percent stake in Tata Technologies.
Tata Technologies is a global digital engineering and product development services company. It provides services to automotive, aerospace, heavy industrial machinery and other industries.
The company is a strategic supplier to Airbus and recently inaugurated its innovation center in Toulouse, France, as part of its strategy to meet the product development and digital needs of the global aerospace and defense sector.
In June, Tata Technologies joined the Foxconn-initiated MIH consortium to foster the development of sustainable mobility solutions and foster collaboration within the industry.
For fiscal year 2022, Tata Technologies had reported sales of $473.5 million.
Initial Release: March 10, 2023 5:23 PM IST
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