Tata Motors' subsidiary Tata Technologies files document for public issue

Tata Technologies Ltd has filed a draft red herring prospectus with the financial markets regulator Securities and Exchange Board of India for its initial public offering (IPO).

DRHP is a document that consists of the company's financial details, future prospects, and other key aspects regarding the business, and is being filed to the regulator to raise money essentially via public offerings of its shares.

Tata Technologies is a subsidiary of Tata Motors.

Founded in 1989, Tata Technologies is a global engineering and product development and it offers services to automotive, aerospace, industrial heavy machinery and other industries work.

The public issue comprises a pure offer for sale of up to 95.71 million shares, representing about 23.6 per cent of its paid-up share capital, it said in an exchange filing.

The IPO comprises of an offer for sale of up to 81.13 milion shares by Tata Motors Limited, up to 9.71 million shares by Alpha TC Holdings Pte. Ltd, and up to 4.85 million shares by Tata Capital Growth Fund I, each representing up to 20 per cent, 2.40 per cent and 1.20 per cent, respectively of Tata Technologies' paid-up share capital. Currently, Tata Motors holds 74.69 percent stake in the firm while Alpha TC Holdings Pte has 7.26 per cent stake. Tata Capital Growth Fund I has 3.63 percent stake in the company.

( With inputs from ANI )

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