Tata Sons clears Tata Capital rights issue; board to decide size, timing

Tata Sons, the holding company of the Tata group, has cleared the rights issue for Tata Capital, the financial-services arm of the conglomerate, in a board meeting on Monday, according to sources.

 

The board of Tata Capital is meeting on Tuesday to discuss the amount and the timing of the issue.

 

Tata Sons, which holds 93 per cent in Tata Capital, will subscribe to the full extent of its portion in the rights issue, said a source close to the development.

 

Tata Sons did not reply to an email query.

 

The issue will establish the benchmark price for