Tata Motors is planning to sell a part of its overall 74.43% stake in Tata Technologies via an IPO. The planned IPO could be the first from a Tata Group company in years. This comes after Tata Motors in 2018 called off a deal to sell ~43% of its stake in Tata Technologies to Warburg Pincus for $360mn. The deal was taken off due to regulatory approval delays and performance not meeting thresholds. The Business Times notes that as per 2022 results, increased sales at Tata Technologies drove a 46% rise in Tata Motors’ revenue from other operations.
Tata Motors’ dollar bonds were trading flat with its 5.75% 2024s at 97.8, yielding 7.02%.
For the full story, click here