Hot Pursuit
Tata Investment Corporation surged 6.67% to Rs 6133.90 following reports that Tata Capital's IPO plans have been approved.
According to media reports, Tata Capital's board approved its IPO on Tuesday. The offering will include 23 crore new shares and an offer for sale (OFS) from existing shareholders.
This IPO marks the first public offering from the Tata Group since Tata Technologies' listing in November 2023.
As of September 30, 2024, Tata Sons held a 92.8% stake in Tata Capital.
Tata Capital is a comprehensive financial services provider with a nationwide network of over 900+ branches. Its services span consumer, housing, SME, and corporate finance, including areas like cleantech and microfinance, as well as debt syndication, private equity, and credit cards.
On a consolidated basis, net profit of Tata Investment Corporation declined 63.17% to Rs 19.61 crore while total income fell 55.34% to Rs 30.05 crore in Q3 December 2024 over Q3 December 2023.
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