Tata Technologies Ltd., a subsidiary of Tata Motors Ltd., has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offering. The company plans on selling up to 9.5 crore shares, representing approximately 23.6 percent of its paid-up share capital through the IPO, according to the exchange filing.
The IPO comprises an offer for sale of (a) up to 81,133,706 Equity Shares by Tata Motors Limited, (b) up to 9,716,853 Equity Shares by Alpha TC Holdings Pte. Ltd., and (c) up to 4,858,425 Equity Shares by Tata Capital Growth Fund I, each representing up to 20%, 2.40%, and 1.20%, respectively of Tata Technologies paid-up share capital.
