Tata Sons to sell 23 crore shares of Tata Capital in IPO, shows updated DRHP
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As the RBI's September deadline nears, Tata Capital has filed its updated Draft Red Herring Prospectus (DRHP) with the markets regulator Sebi. The filing shows that promoter group Tata Sons plans to sell 23 crore shares of the NBFC, while the International Finance Corporation will offload another 3.58 crore shares in the much-awaited IPO.In addition to the offer for sale (OFS) by the two shareholders, the Tata Capital IPO also includes a fresh issue of up to 21 crore shares. While some reports peg the IPO size at around Rs 17,200 crore, if the company prices the issue at the same Rs 281 per share as the rights issue conducted in March, the size could be closer to Rs 13,371 crore.The IPO price band and launch dates are yet to be announced.According to the updated DRHP, the total offer size stands at 47.58 crore equity shares. For FY24, Tata Capital reported a consolidated net worth of Rs 16,250 crore and a profit after tax of Rs 2,142 crore.The DRHP shows that 95.5% stake in the company is owned by promoters, with Tata Sons owning 88.6% stake. Other owners include TMF Holdings, Tata Investment Corporation , IFC, Tata Motors , and Tata Chemicals Also Read | Sebi approves Tata Capital's confidential DRHP for Rs 17,200 crore IPO Under the provisions of the NBFC Scale-Based Regulations, shares of Tata Capital are required to be mandatorily listed on stock exchanges within three years of identification as the NBFC upper layer i.e., on or prior to September 30, 2025.Upper-layer NBFCs are those selected by the RBI based on certain rules and criteria that require them to follow stricter regulations. In January, the RBI named 15 such NBFCs for 2024-25, including Tata Capital.Earlier last month, ET had reported that Sebi has approved the confidential DRHP filed by Tata Capital on April 5.Tata Capital's unlisted shares, which have fallen by around 16% in the last month, were trading at about Rs 865 on the Unlisted Zone platform.
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