Tata Sons Likely to Remain Unlisted

Tata Sons has complied with all stipulations put forth by RBI to remain unlisted co, say sources

- BENN KOCHUVEEDAN @ Mumbai

The Reserve Bank is not averse to allowing Tata Sons, the holding company of the $165 billion salt-to-software conglomerate, to remain a private entity provided the decision is unanimous by both majority shareholder groups, as the company has already met nearly all the regulatory conditions to be an unlisted company, as per two sources. The regulatory deadline for large non-banks to go public is September 30.

If formally granted exemption, it will make the Tatas more comfortable but leaves the debt-laden Mistry family that owns 18.6% of Tata Sons, making it the largest shareholder after Tata Trusts which owns 66.8%, piqued as they were keen to exit the conglomerate through a public share sale.