 "Tata Group")
Tata Capital’s board is set to meet on Thursday to consider a fresh rights issue, ahead of its proposed $2-billion initial public offering (IPO) slated before September, the firm informed stock exchanges.
But it did not disclose details on the size or pricing of the rights issue.
Tata Sons, which holds a 93 per cent stake in Tata Capital, had subscribed to the company’s last rights issue in March, contributing ₹1,400 crore out of the total ₹1,504 crore raised.
The remaining stake is held by Tata Investment Corporation Ltd., the TCL Employee Welfare Trust, and other minority investors.
According to rating agency ICRA, the March fund infusion helped boost Tata Capital’s consolidated net worth to ₹32,563 crore as of March 31, 2025.
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 "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")
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However, strong loan book growth during FY25 pushed the company’s gearing up to 6.5 times, compared to 6.0 times a year earlier. Despite this, solvency levels (net stage 3 loans to net worth) remained comfortable, inching up slightly to 5.4 per cent following the merger of Tata Motors Finance Ltd (TMFL) into Tata Capital Ltd (TCL).
The board will also deliberate on a proposal to issue Non-Convertible Debentures (NCDs) on a private placement basis, in one or more tranches, the company said in its exchange filing.
Tata Sons and Tata Capital did not respond to email queries sent on Monday.
Market regulator Securities and Exchange Board of India is all set to clear Tata Capital’s initial public offer which would be launched before the September deadline set by the Reserve Bank of India (RBI) for upper layer NBFCs to list their shares.
On a consolidated basis, Tata Capital reported a profit after tax of ₹3,655 crore in financial year 2025 (FY25) on a total asset base of ₹2,48,465 crore, compared to ₹3,327 crore profit in FY24 on assets worth ₹1,76,694 crore.
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