Tata Motors Ltd.’s subsidiary, Tata Technologies Ltd. filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India on March 9. The company announced its plan of selling up to 95 million shares, nearly 23.6% of its paid-up shares, via the IPO as reported by Live Mint.
The majority of the shares will be sold by Tata Motors, which will sell 81.13 million shares. Tata Motors owns a 74.69% stake in the tech company. Alpha TC Holdings Pte will sell 9.72 million shares from its 7.26% stake in the tech company while Tata Capital Growth Fund I will sell 4.86 million shares from its 3.63% stake in the company.
Tata Technologies has reported a revenue of Rs 3,011.79 cores for nine months ending December last year. The net profit of the company for the same period stood at Rs 407.47 crores as reported by Moneycontrol.
Tata Technologies was founded in 1989 by the Tata Group. The Pune-based company specializes in engineering R&D, design, manufacturing, product development and IT service management services.
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