 "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")
By Rajesh Mascarenhas and Baiju Kalesh
Tata Capital Ltd. received the approval of India’s markets regulator to proceed with its plans for an initial public offering that may fetch about $2 billion, according to people familiar with the matter, in what is expected to be the country’s biggest listing this year.
The Securities and Exchange Board of India notified the company and its bankers, according to the people, who asked not to be identified as the information is private. The non-banking finance arm of Tata Group aims to launch the share sale as early as August, the people said.
Representatives at Tata Capital and Sebi didn’t immediately reply to requests for comment.
The approval clears the way for the company to incorporate feedback from the regulator into its prospectus, before it starts marketing the deal. The development comes as India’s market for new listings sees signs of picking up, with HDB Financial Services Ltd. scheduling to launch a billion-dollar-plus stock offering on Wednesday.
The parent Tata Group is seeking a valuation of up to $11 billion for the unit, people familiar with the matter have said.
 "IPO")
 "real estate")
 "PhonePe")
 "HDB Financial")
 "IPO, Initial public offerings")
