Tata Invesment Corporation shares rockets up more than 13 per cent on the NSE (National Stock Exchange), after media reports surfaced about Tata Capital making its debut with Rs 15,000 crore public issue.
The shares of Tata Investment Trust went on to touch the day high level of Rs 7,411.00 per share on the Indian Exchanges, after hitting the opening bell at Rs 6,684.95 per share on the bourses.
Tata Investment Corporation shares were trading around Rs 0.00 per share on the NSE (National Stock Exchange), with a surge of 7.09 per cent amounting to a Rs 462.75 per share on the bourses.
Tata capital corp
Tata Investment Corporation is one of Tata Sons’ biggest shareholders, and Tata Capital is a subsidiary of Tata Sons.
The Tata Group has started working on the initial public offering (IPO) of Tata Capital, the company’s main financial services division, according to a Moneycontrol report.
The main investment holding company of the business group, Tata Sons, is the parent company of Tata Capital, a non-banking financial services (NBFC) company.
Going public due to RBI rule
‘Work has begun on the proposed initial public offering,’ the report stated in reference to the Tata Capital IPO. The RBI’s guidelines for ‘upper layer’ NBFCs must be followed. Although the exact amount has not yet been decided, the deal is anticipated to be worth more than Rs 15,000 crore.
India’s 12th largest NBFC
With the Reserve Bank of India’s (RBI) approval in October, the unlisted company Tata Capital and Tata Motors Finance (TMFL) merged to form India’s 12th largest non-banking finance company.
According to the companies’ regulatory filings, earlier this month the RBI sent both companies its ‘no-objection.’
