Tata Cap gets board nod for RBI-mandated IPO

Tata Capital's board has approved plans for an IPO to list by September, comprising fresh shares and stake-sale, potentially valued at $1.7 billion. This move complies with RBI's mandate for 'upper-layer' NBFCs. Tata Sons, holding 93% of Tata Capital, plans to sell shares to support other ventures, while maintaining a significant stake post-listing. A rights offering worth Rs 1,504 crore has also been approved.

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