Tata Technologies, a unit of Indian carmaker Tata Motors , filed for an initial public offering (IPO) on Thursday, according to draft papers submitted to the market regulator.
A man walks past a Tata sign outside their offices in London, Britain March 30, 2016. REUTERS/Toby Melville, filed for an initial public offering on Thursday, according to draft papers submitted to the market regulator.
However, Tata Tech, which provides engineering and product development digital services, said it will not offer any of the 95.7 million shares, representing around 23.6% of its paid-up share capital, to be sold in the IPO. Instead, Tata Motors, which has a 74.69% stake in Tata Tech, will sell up to 81.1 million shares, while Alpha TC Holdings will sell 9.7 million shares and Tata Capital Growth Fund I will sell 4.9 million shares.
Tata Tech's consolidated profit rose 23% to 4.07 billion rupees in the nine months ended Dec. 31, while revenue increased 15.5% to 30.12 billion rupees, said the company, which serves the auto, aerospace and other industries.
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