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Tata Motors announced that its subsidiary Tata Technologies has on filed a draft red herring prospectus dated March 9, 2023 with the Securities and Exchange Board of India for an initial public offering by way of an offer for sale of up to 95,708,984 equity shares for cash, representing approximately 23.60% of its paid-up share capital (IPO).
The IPO comprises of an offer for sale of (a) up to 81,133,706 equity shares by Tata Motors, (b) up to 9,716,853 equity shares by Alpha TC Holdings and (c) up to 4,858,425 equity shares by Tata Capital Growth Fund I, each representing up to 20%, 2.40% and 1.20%, respectively of Tata Technologies paid-up share capital.
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