(Reuters) – India’s Tata Capital said on Tuesday it has approved plans for an initial public offering that would see the non-bank lender issue 230 million new shares, while current shareholders will exit through the offer for sale route.
The financial services arm of India’s $165 billion Tata Group was mandated to list by September this year, according to central bank norms for so-called “upper layer” non-banking financial companies.
Tata Capital did not share any further details on its proposed public float.
Established in 2007, Tata Capital provides a wide range of loans from housing to personal.
(Reporting by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.