Tata Motors gains after board OKs partial divestment of subsidiary via IPO

Tata Motors (TML) rose 1.28% to Rs 419.40 after the company's board approved partial divestment of the equity shares held by TML in Tata Technologies, a subsidiary of the company, through initial public offering (IPO).

The auto maker said that the IPO Committee, duly constituted by the board of directors, has accorded its in-principle approval to explore the possibility of partial divestment of the company's investment in Tata Technologies, a subsidiary of the company, through an IPO route at an opportune time, subject to market conditions, applicable approvals, regulatory clearances and certain other considerations.

"The company will make further announcements of all material developments relating to IPO, as and when required, as per SEBI LODR Regulations and other applicable laws, Tata Motors said in a statement.

Tata Motors is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses, offering extensive range of integrated, smart and e-mobility solutions. It is India's market leader in commercial vehicles and amongst the top three in the passenger vehicles market.

The company reported consolidated net loss of Rs 944.61 crore in Q2 FY23 as against Rs 4,441.57 crore in Q2 FY22. Net sales jumped 30.5% to Rs 78,846.92 crore in Q2 FY23 as compared to Rs 60,435.92 crore in Q2 FY22.

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