tata tech – The News Desk

By Ashutosh Joshi and Filipe Pacheco India’s busy market for initial public offerings is set to get a boost as shares of Tata Technologies Ltd., the first company from the salt-to-software conglomerate to list since 2004, begin trading in Mumbai Thursday. Tata Technologies’ IPO raised Rs 3,040 crore ($365 million), with shares being sold at Rs 500 each, the top of the marketed range. Demand exceeded shares on offer by 69 times, as investors piled into the engineering unit of luxury carmaker Jaguar Land Rover’s owner Tata Motors Ltd. The sale comes as India logs a record number of listings in 2023, fueled by a booming stock market and optimism about the country’s economic growth. The frenzy reached a fever pitch last week when first-time share sales from f...

Tata Motors Limited (TML) is selling 9.9 percent stake in its IPO-bound subsidiary Tata Technologies (TTL) for Rs 1613.7 crore as part of its plan to de-leverage. TTL has been valued at Rs 16300 or approximately $2 bn. This transaction furthers TML’s de-leveraging agenda and is expected to close in the next two weeks on completion of customary closing procedures, the company said. As of June 2023 Tata Motors net automotive debt stood at Rs 41,700 crore. Analysts expect TML net debt to reduce to Rs 23000 crore by end of fiscal 2025. TPG Rise Climate is the lead investor for this transaction. TPG, which also invested in Tata Motors’ electric vehicle business, will pick up 9 percent in Tata Technologies while Ratan Tata Endowment Fund (RTEF) will buy the rest 0...

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Tata Technologies to boost India’s hot IPO market on trading debut

Tata Motors sells 9.9% stake in Tata Technologies for Rs 1,613 crore