BENGALURU, Nov 14 (Reuters) – India’s Tata Applied sciences’ preliminary public providing will open for subscription on Nov. 22, its mother or father Tata Motors (TAMO.NS) stated late Monday, in what would be the first Tata Group IPO in almost twenty years.
Tata Applied sciences, which offers engineering and product improvement digital companies, stated its IPO would comprise a suggestion on the market of 60.9 million shares, representing 15% of its paid-up capital.
That’s decrease than the 23.6% indicated in its draft prospectus.
Tata Motors will offload an 11.4% stake, whereas personal fairness agency Alpha TC Holdings will promote a 2.4% stake, and Tata Capital Progress Fund I’ll get rid of a 1.2% shareholding.
The IPO closes on Nov. 24.
Reuters final week reported that Tata Applied sciences is in talks with Morgan Stanley Funding Administration, Blackrock and a few U.S. hedge funds to put money into its IPO at a valuation of $2.5 billion.
Final month, Tata Motors stated it could promote a 9% stake in Tata Applied sciences to a fund of U.S. personal fairness agency TPG in a deal that valued the IPO-bound firm at almost $2 billion.
(This story has been corrected to rectify stake sale worth to 9% from 9.9% in paragraph 7)
Reporting by Ashna Teresa Britto in Bengaluru; Modifying by Sonia Cheema
Our Requirements: The Thomson Reuters Belief Ideas.