Want more retail investors in Tata Cap story: MD & CEO

Rajiv Sabharwal, managing director and chief executive officer of Tata Capital, spoke with Subrata Panda in Mumbai about the company's upcoming initial public offering (IPO), set to be the fourth-largest when it hits the market next month.

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While the IPO has been slightly delayed beyond the Reserve Bank of India's (RBI's) mandated September deadline, Sabharwal noted that the company had been in regular communication with the regulator, which had granted consent for the minor delay. Edited excerpts:

What caused the delay in meeting the September listing deadline?

We received approvals for the merger of Tata Motors Finance with Tata Capital in May 2025, just four months ago. Since then, we have been working to line up with the regulator's timeline for listing on the bourses, and we are very close. We have been in dialogue with the regulator, and they have reviewed our intent and given their consent.

The price band is at a steep discount to the unlisted market price and lower than the last rights issue

I don't track the unlisted market, so I'm unaware of that. Regarding the rights issue, the board decided to attract more retail investors at the IPO stage. Typically, later fundraising is done through qualified institutional placements. In line with our investor-friendly philosophy, the board approved a price at a 5 per cent discount to the rights issue price. Hence, the price range is 310 to 326.