Monday, March 27, 2023

JLR owners want to sell engineering unit stake in Tata India IPO – Usky News

New Delhi: Tata Technologies Ltd has sought approval from India’s market regulator for an initial public offering in which its parent carmaker Tata Motors Ltd. and other investors will sell 95.7 million shares.
The initial sale will include a 23.6% stake in the engineering unit of the owner of luxury carmaker Jaguar Land Rover, according to a filing. Tata Motors is selling 81.1 million shares or 20% stake. Alpha TC Holdings Pte. and Tata Capital Growth Fund I are the other investors who sold shares in the IPO.
Tata Technologies, that matters Airbus SEMcLaren, Honda Motor Company, Ford Motor Company, among its clients apart from Tata Motors and JLR, is not selling any new shares in the IPO. JM Financial Limited, Citigroup Global Markets India Pvt. and BofA Securities India Limited will manage the share sale.
This is the second IPO proposed by the Tata group after the listing of Tata Consultancy Services Limited in 2004. Satellite television operator Tata Play Ltd submitted a pre-file draft red herring prospectus in December.


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