This IPO is entirely an offer for sale of up to 6.08 crore equity shares for cash, which has been reduced from 9.57 crore shares earlier.
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The price band for the issue will be announced soon. Under the OFS, parent Tata Motors will sell 4.62 crore shares, Alpha TC Holdings will offload 97.1 lakh shares and Tata Capital Growth Fund will give up 48 lakh shares.
The company had filed its IPO papers with Sebi in March this year and received approval from the regulator in June. In the issue, Tata Technologies has reserved a 10% quota for Tata Motors’ eligible shareholders.
MORE TO COME…