Friday, March 10, 2023

Tata wants to sell its engineering unit stake in India IPO

JLR owner Tata seeks to sell engineering unit stake in India IPO

 Delhi, India: For an initial public offering in which its parent company Tata Motors Ltd. and other investors will sell as many as 95.7 million shares, Tata Technologies Ltd. has sought approval from India's markets regulator.

According to a filing, the owner of luxury carmaker Jaguar Land Rover will sell a 23.6% stake in the engineering unit as part of the initial sale. As much as 81.1 million shares, or 20% of the company, are being sold by Tata Motors. Pte. Alpha TC Holdings Other investors selling shares in the IPO include.

 Tata Capital Growth Fund I and Apart from Tata Motors and JLR, Tata Technologies does not sell any new shares in the IPO. Its clients include Airbus SE, McLaren, Honda Motor Co., and Ford Motor Co. Citigroup Global Markets India Pvt. and JM Financial Ltd. and the sale of shares will be managed by BofA Securities India Ltd.

Since listing Tata Consultancy Services Ltd. in 2004, the Tata Group has proposed two IPOs. In December, Tata Play Ltd., a provider of satellite television, submitted a pre-filed draft of a red herring prospectus.

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