Tata Capital nears Sebi nod for $2 bn IPO

Tata Capital, a subsidiary of Tata Sons, is likely to soon get approval from the Securities and Exchange Board of India (Sebi) for its nearly $2 billion (around ₹17,200 crore) initial public offering (IPO), according to sources.

- KHUSHBOO TIWARI

The market regulator has finalised the clearance, and an observation letter is expected within the next few weeks, the sources said. This approval would pave the way for Tata Capital's listing ahead of the September deadline set by the Reserve Bank of India for 'upper layer' NBFCs. Tata Capital filed its draft IPO papers through the confidential route in April, allowing it to keep key details undisclosed until Sebi's nod. Emailed queries to both Tata Capital and Sebi remained unanswered until the time of going to press.

Sebi's website shows that the last communication with the company or its investment bankers was on May 24.