 "The Tata group's unlisted financial services businesses have reported hefty profits for the year, with Tata Capital, the group's financial services business, reporting a profit of Rs 2,492 crore on revenues of Rs 13,309 crore, as per Tata Sons' annua")
Tata Capital (TCL), the financial services arm of the Tata group, has raised Rs 1,500 crore via a rights issue, as per the company’s regulatory filings.
Tata Sons, which owns 93 per cent stake in the company, has subscribed to its entire entitlement. Other small shareholders, including IFC, have also subscribed to the issue, which has been launched before the company’s planned listing by September this year. The company will use the proceeds for further lending and improving its leverage ratios.
An email sent to Tata Capital did not elicit any response.
The initial public offer (IPO) will raise around
