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Tata Investment Corp rallies ahead of Tata Tech IPO

20-Nov-23   14:38 Hrs IST
Shares of Tata Investment Corporation have risen 38.18% in four consecutive sessions. It has surged 93% in 1 year. The stock hit a record high of Rs 4,521.90 today.

Tata Technologies is a subsidiary of Tata Motors. Tata Investment Corporation is a promoter group entity of the auto major.

The IPO of Tata Technologies is scheduled to open for public subscription on 22nd November and conclude on 24th November 2023. The IPO band is set at Rs. 475 to Rs 500. Focusing on manufacturing-oriented Engineering Research & Development (ER&D), particularly in the automotive industry, Tata Tech aims to raise Rs 3,042.51 crore solely through an offer for sale (OFS) of 6.09 crore equity shares by its promoters and investors. Promoter Tata Motors will offload 4.62 crore equity shares worth Rs 2,313.75 crore in the OFS.

Tata Investment Corporation, functioning as a non-banking financial company (NBFC), holds stakes in various Tata Group companies, including TCS, Tata Motors, Tata Steel, Tata Consumer Products, Tata Chemicals, Tata Elxsi, and Trent.

Net profit of Tata Investment Corporation rose 16.16% to Rs 124.44 crore while total income rose 15.8% to Rs 123.86 crore in Q2 September 2023 over Q2 September 2022.

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