New Delhi, Nov 14 (IANS): Tata Technologies' upcoming IPO has a reservation of 10 per cent of the offer for subscription by Tata Motors shareholders.

“This IPO provides, inter alia, a reservation of up to 6,085,027 equity shares, i.e., 10 per cent of the offer, for subscription by eligible shareholders of TML, i.e., Individuals and HUFs who are the public equity shareholders (including shareholders holding ordinary shares and ‘A’ ordinary shares in TML and excluding such persons who are not eligible to invest in the offer under applicable laws, rules, regulations and guidelines) as on the date of the filing of the RHP, i.e., Monday, November 13, 2023," read a regulatory filing.

This IPO is an Offer For Sale of upto 60,850,278 equity shares for cash comprising of offer for up to 46,275,000 Equity Shares by the Company, up to 9,716,853 Equity Shares by Alpha TC Holdings Pte. Ltd. and up to 4,858,425 Equity Shares by Tata Capital Growth Fund I, each representing up to 11.41 per cent, 2.40 per cent, and 1.20 per cent, respectively of the paid-up Equity Share Capital of Tata Technologies Limited.

This IPO will be open for subscription by the public on Wednesday, November 22, 2023 and shall close on Friday, November 24, 2023.

Tata Technologies Limited, a subsidiary of Tata Motors Limited had filed a draft red herring prospectus (DRHP) dated March 9, 2023 with the Securities and Exchange Board of India for an initial public offering (IPO). This is the first IPO from Tata Group since TCS IPO in 2004.