Tata Investment stock soars 8.8% in intraday following board approval of Tata Capital IPO.
India’s Tata Capital announced on Tuesday that it has approved plans for an initial public offering (IPO), which will involve issuing 230 million new shares. Existing shareholders will exit through the offer-for-sale route.
As the financial services subsidiary of India’s $165 billion Tata Group, Tata Capital is required to go public by September this year under central bank regulations for “upper layer” non-banking financial companies.
The company did not disclose further details about its planned public listing.
Founded in 2007, Tata Capital offers a diverse range of loan products, including housing and personal loans.
