Tata Capital picks 10 i-bankers for IPO

TAKING a step closer to completing its mega public float, which could be well above ₹15,000 crore, Tata Capital has picked up close to a dozen investment bankers for the issue which is likely to value the lender at over $11 billion.

- BENN KOCHUVEEDAN@Mumbai

The IPO will be a combination of primary and secondary issue of shares, through which the parent Tata Sons and investor IFC pare their stakes. Tata Sons owns close to 93% in the firm now, while IFC owns just 1.5% in the company.

According to two people in the know of the development, Tata Capital, which is a systemically important non-bank along with 12 others according to the Reserve Bank's categorisation of shadow banks, has picked up nearly a dozen i-bankers for the deal.