Tata Motors broke its two-session losing streak on Friday as the shares of the company jumped around 1% as the markets opened for business.
What Happened: The company on Thursday informed that its subsidiary Tata Technologies has filed a draft red herring prospectus dated with the Securities and Exchange Board of India (SEBI) for an IPO. The IPO comprises of 100% offer for sale.
See Also: Tata Motors, Bajaj Auto, Other Vehicle Manufacturers See Shares Rally As Feb Sales Numbers Come In
The company looks to offload 9.57 crore equity shares through the IPO. Tata Motors will also be offloading around the most number of shares at 8.1 crore amounting to 20% of Tata Technologies’ paid-up share capital. The company currently holds a 74.69% stake in the company.
Other sellers are Alpha TC Holdings and Tata Capital Growth Fund I who will offload up to 9,716,853 and 4,858,425 shares respectively.
Price Action: Shares of Tata Motors were up 0.84% to trade at ₹435.85 as the markets opened for business on Friday.
Read Next: Tata Motors Shares Jump As Company Said To Plan ₹8,000-Cr Funding Through EV Division
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