TATA Technologies Ltd has filed a draft red herring prospectus with SEBI (Securities and Exchange Board of India) to raise funds via initial public offering (IPO).
The matter comprises a pure offer for sale of upto 95.71 million shares by its existing promoters and shareholders. As per the exchange filing, nearly 23.6 percent of its paid-up share capital through the IPO. The OFS (Offer for sale) consists of upto 81.13 million shares by Tata Motors, upto 9.72 million shares by Alpha TC Holdings Pte and upto 4.86 million shares by Tata Capital Growth Fund I.
Currently, as per the annual report Tata Motors holds 74.69 percent stake in the firm while Alpha TC Holdings Pte has 7.26 percent stake. Tata Capital Growth Fund I has 3.63% stake in the company.
Last December, Tata Motors gave in-principle approval for partial development of the company’s investment in Tata Technologies via the initial public offering (IPO) route.
Tata technologies specialises in product engineering and digital services, catering to industries across automotive, aerospace, industrial heavy machinery and others. Having been their for 33 years now, the company has a considerable amount of experience in the field.
If Tata Technologies' public offer outperforms the proposed IPO of Tata Play, it could mark the first time in over 18 years that the Tata group has gone public.
Led by Warren Harris, the Pune-based firm boasts a workforce of over 11,081 employees across 18 delivery centers in US, Europe, India, China, Japan, and Singapore.