Tata Motors to undertake partial sale of stake in Tata Technologies via IPO
Tata Motors has revealed plans for a partial divestment of its stake in its subsidiary Tata Technologies Limited through the initial public offering (IPO) route.
The Indian automobile manufacturer’s IPO Committee, which is constituted by its board of directors, has granted its in-principle approval to look into the possibility of the partial sale of its investment in Tata Technologies at an opportune time.
Tata Motors said that the sale of equity shares will be contingent on market conditions, relevant approvals, regulatory clearances and some other considerations.
Tata Motors to undertake partial sale of stake in Tata Technologies via IPO. Photo courtesy of Fairytalk/Wikimedia Commons.
In a statement to the National Stock Exchange of India Limited, Tata Motors said: “The Company will make further announcements of all material developments relating to IPO, as and when required, as per SEBI LODR Regulations and other applicable laws.”
Headquartered in Pune, Tata Technologies caters to aerospace and automotive original equipment manufacturers and their suppliers with engineering and design, manufacturing, product lifecycle management, product development, and IT service management services.