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Tata Sons may get hope of IPO relief from RBI update
Mint New Delhi
|June 25, 2026
In what could provide a breather for Tata Sons, the holding company of the Tata Group, the Reserve Bank of India (RBI) has seemingly removed contentious definition of indirect public funds received by non-bank financiers.
The previous definition, if implemented, would have forced Tata Sons to make an initial public offer (IPO), a prospect resisted by many of its top executives as well as its majority-owner Tata Trusts.
On 29 April, the central bank had defined indirect receipts of public funds as “funds received not directly but through associates and group entities which have access to public funds”, a definition which was seen as eventually leading to an IPO of Tata Sons.
The reason: Publicly listed companies such as Tata Chemicals, Tata Steel, and Tata Power hold equity in Tata Sons, which would make the holding company an indirect recipient of public funds. As of 31 March 2025, Tata Steel held 12,375 shares of Tata Sons, while Tata Chemicals and Tata Power owned 10,237 and 6,673 shares, respectively.
That definition of indirect access to public funds is missing from the updated guidelines released on Wednesday.
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