Tata Capital has submitted revised and updated DRHP at SEBI

Tata Group company Tata Capital Ltd is moving closer to going public. Tata Capital has filed a pre-filing draft offer document (PDRHP) with capital market regulator Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).

As per reports, submitting offer documents prior to filing is an optional alternative approach for conducting an Initial Public Offering on the mainboard. Under SEBI regulations, firms looking to launch an IPO on the mainboard are required to "pre-file" the offer document with SEBI.

As per the updated draft red herring prospectus, the Tata Capital IPO includes both a fresh issuance and an offer for sale. The non-banking financial firm will have Tata Sons Pvt. selling as many as 23 crore shares, while the International Finance Corporation plans to divest an additional 3.58 crore shares. Additionally, the company intends to issue up to 21 crore shares through a primary raise.

(more to come)

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