Jaipur (Rajasthan) [India], October 4 (ANI): Highlighting confidence in India’s economic trajectory, Rajiv Sabharwal, Managing Director & CEO of Tata Capital, said the company is committed to enabling growth.
“The company believes that India has a huge potential for growth and at Tata Capital, we are there to help take advantage of this opportunity,” he stated.
Sharing more information about Tata Capital’s Initial Public Offer (IPO), Sabharwal further added, “Tata Capital IPO opens on October 6 and closes on October 8. The company is raising about Rs 15,500 Crores through both primary and secondary offerings. The primary offering is to help support growth for the organisation over the next 2.5 years. The secondary offering is from Tata Sons and IFC Washington. As far as the company is concerned, the company is building a very robust model for growth.”
“Over the last 2 years, the company has been growing at a pace of about 28 per cent and also has ensured that the credit cost remains the least. The company is present in over 25 products with a strong bias towards retail and SME. Retail and SME form about 88 per cent of the total book. The book is very granular in nature, 98 per cent plus of the loans are of Rs 1 Crore or less. The secured book is large retail, unsecured forms just about 12 per cent of the total book. The company believes that India has a huge potential for growth and at Tata Capital, we are there to help take advantage of this opportunity,” he added.
Addressing the media, Rajiv Sabharwal said that the price band for the IPO has been fixed between Rs 310 and Rs 326 per equity share. The IPO will open for subscription on October 6 (Monday) and will close on October 8 (Wednesday).
The offering comprises a total of 45.58 crore equity shares, which includes a fresh issue of up to 21 crore shares and an offer for sale (OFS) of up to 26.58 crore equity shares by existing shareholders.
The IPO is expected to raise significant capital for Tata Capital’s future growth and expansion plans. More details regarding the issue size, investor quotas, and listing date are expected to be released soon in the official prospectus.
Speaking further, he said, “Through this, we are raising Rs 15,500 crore, comprising both primary and secondary components. A certain percentage is our primary raise, and there is a 6 per cent dilution from Tata Sons and IFC Washington. The pricing of this offering is about 5 per cent lower than the previous rights issue’s upper band, and we have done this to bring more retail investors into the Tata Capital fold.” (ANI)
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