[ad_1]
Tata Motors’ board has accorded in -principle to the company to consider partial divestment of its stake in Tata Technologies, which is due to go public In the current fiscal year (FY23) .
“…..the IPO Committee [duly constituted by the Board of Directors of Tata Motors Limited (the “Company”)], at its meeting held today, i.e., on December 12, 2022, has accorded its in-principle approval to explore the possibility of partial divestment of the Company’s investment in Tata Technologies Limited (TTL) , a subsidiary of the Company, through an IPO route at an opportune time, subject to market conditions, applicable approvals, regulatory clearances (including observations from the Securities and Exchange Board of India) and certain other considerations,” the company said in a filing in the stock exchanges.
Tata Motors held around 72.5% equity in Tata Technologies at the end of FY22.
The Company said in the filing that ,” …it will make further announcements of all material developments relating to IPO, as and when required, as per SEBI LODR Regulations and other applicable laws.”
LODR stands for Listing Obligations and Disclosure Requirements .
TTL’s IPO makes it the first time in 18 years for a Tata Group entity to list , after TCS’ public offering in 2004.
TTL caters for demand from the automotive, industrial heavy machinery and aerospace sectors.
Manufacturing companies rely on TTL to enable them to conceptualize, develop and realize better products that are safer, cleaner, and improve the quality of life for all the stakeholders.
Download The Mint News App to get Daily Market Updates & Live Business News.
[ad_2]
Source link
John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
