Tata Applied sciences, which gives engineering and product growth digital providers, has mentioned its preliminary public providing (IPO) will open for public subscription on November 22.
The corporate, a unit of Tata Motors, filed the RHP (purple herring prospectus) on November 13, 2023 with the Registrar of Firms, Maharashtra, Tata Motors mentioned in a regulatory submitting on Monday.
The IPO would comprise as much as 60,850,278 shares for money entailing 15 per cent of paid-up fairness share capital of Tata Applied sciences, it added.
As a part of the method, Tata Motors will offload 11.4 per cent stake, personal fairness agency Alpha TC Holdings will promote a 2.4 per cent stake, and Tata Capital Progress Fund I’ll dispose of 1.2 per cent of shareholding.
The IPO will open for public subscription on November 22 and shut on November 24, 2023, Tata Motors mentioned.
Final month, Tata Motors had said that it has inked a pact to promote a 9.9 per cent stake in Tata Applied sciences to TPG Rise Local weather for Rs 1,613.7 crore.
Shares of Tata Motors had been buying and selling flat at Rs 653.10 apiece on the BSE.
