Tata Motors rose 1% at Rs 436.50 after the auto major said that its subsidiary, Tata Technologies, filed a draft red herring prospectus with market regulator Securities and Exchange Board of India (Sebi) for an initial public offering.
Tata Technologies, a global product engineering and digital services company, has filed a draft red herring prospectus dated 9 March 2023 with Sebi. It is planning an initial public offering by way of an offer for sale of up to 9,57,08,984 equity shares for cash, representing approximately 23.60% of its paid-up share capital.The IPO comprises of an offer for sale of upto 8,11,33,706 equity shares (20% equity) by Tata Motors, upto 9,716,853 equity shares (2.4% equity) by Alpha TC Holdings, and upto 48,58,425 equity shares (1.2% equity) by Tata Capital Growth Fund I, each of Tata Technologies paid-up share capital.
Tata Motors currently holds 74.42% in Tata Technologies, Alpha TC Holdings, a Singapore-based investment firm managed by Tata Capital Advisors, owns 8.96%, while Tata Capital Growth Fund owns another 4.48%.
Tata Motors designs, manufactures and sells a wide range of automotive vehicles. The company also manufactures engines for industrial and marine applications.
Tata Motors reported consolidated net profit of Rs 2,957.71 crore in Q3 FY23 as compared with net loss of Rs 1,516.14 crore in Q3 FY22. Total revenue from operations increased by 22.5% YoY to Rs 88,488.59 crore during the quarter.
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