(Reuters) -India’s Tata Capital plans to launch an initial public offering in which the non-bank lender will issue 230 million new shares, while current shareholders will exit through the offer for sale route, it said on Tuesday.
The financial services arm of India’s $165 billion Tata Group was mandated to list by September this year, according to central bank norms for so-called “upper layer” non-banking financial companies.
It will be the first Tata Group company to go for an IPO since Tata Technologies in November 2023.
Tata Capital did not share any further details on its proposed public float.
Established in 2007, Tata Capital provides a wide range of loans, from housing to personal.
Tata Sons is its top shareholder, with a 92.8% stake as of March 2024.
The company separately also approved a 15.04 billion rupees ($173 million) rights issue on Tuesday.
($1 = 86.8570 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala)
