Tata Technologies is will soon hit the secondary market as the capital market regulator SEBI has approved the company's IPO.
The last time when Tata Group came with an IPO was in 2004. The company was Tata Consultancy Services (TCS).
Tata Technologies had filed IPO papers with SEBI in March. Tata Technologies IPO is purely an offer for sale (OFS).
Its shareholders will offload up to 9.57 crore units representing 23.60 per cent of its paid-up share capital. Under the OFS, Tata Motors, the parent company of Tata Technologies, will offload 8.11 crore shares or a 20% stake in the company. Tata Motors currently holds a 74.69% stake in the product engineering company.
Tata Technologies is an engineering services company that offer product development and turnkey solutions to global original equipment manufacturers (OEMs) and their tier-1 suppliers.
