The initial public offering of non-banking financial company Tata Capital Ltd got fully subscribed on the final day of bidding on Wednesday. The company's Rs 15,512 crore share sale received bids for 45,84,78,044 shares against 33,34,36,996 shares on offer, translating into 1.38 times subscription, according to NSE data till 13:36 hours.
N Chandrasekaran not only faces muted financial performance from the group's listed companies, but also mounting losses at Tata Sons' unlisted subsidiaries, many of which have been set up by him in the last decade.
A stake sale by Tata Trusts will help it to have a larger corpus that could be used to balance the unequal dividends that flow from Tata Sons on an ongoing basis.
The primary market is set for a busy week as two major companies, Tata Capital Ltd and LG Electronics India Ltd, gear up to launch their initial public offerings (IPOs), collectively worth more than Rs 27,000 crore.
Commercial vehicle manufacturer Tata Motors Ltd reported an impressive 83 per cent increase in consolidated net profit, reaching Rs 2,556 crore for the first quarter ending June 30, primarily boosted by a significant mark-to-market gain on investments in Tata Capital Ltd.
Tata Capital is set to launch India's largest ever initial public offering (IPO) by a non-banking financial company (NBFC), valuing the Tata group firm at Rs 1.38 trillion. This will make the company India's fifth-most-valued NBFC after Bajaj Finance (Rs 6.12 trillion), Bajaj Finserv (Rs 3.2 trillion), Jio Financial Services (Rs 1.87 trillion), and IRFC (Rs 1.59 trillion).
Non-banking financial company (NBFC) Tata Capital is set to launch its much-anticipated $2 billion (Rs 17,200 crore) initial public offering (IPO) in the week beginning September 22, market sources familiar with the matter said on Sunday. The issue is expected to value the company around $11 billion, they added. Tata Capital is likely to make its stock market debut by September 30.
Tata Capital Ltd, set to launch its IPO next week, has identified green financing and digital innovation as its core growth pillars, backed by the merger of its IFC-backed subsidiary Tata Cleantech Capital in 2024. By FY25, the cleantech and infrastructure finance book reached Rs 18,000 crore, growing at a 31.8 per cent CAGR over the last two years, the NBFC said on Friday.
'...but should prepare for listing unless a court grants effective interim relief.'
Chandra's tenure also saw a big jump in Tata Sons' other income, such as brand fee from group companies, treasury gains, and other non-recurring income.
The search for N Chandrasekaran's successor as Tata Sons Chairman has reportedly narrowed to Tata Steel CEO T V Narendran, Tata Sons Executive Director Saurabh Agrawal, and NSE MD & CEO Ashish Chauhan, with Chauhan emerging as a potential 'dark horse' candidate.
The RBI once again said the Tata group holding company's application for deregistration as an NBFC remains under examination.
'Members of Indian family businesses have considered it their birthright to work there and responsibility to take care of it.'
Tata Sons has the balance sheet to support them, for now.
Noel Tata, chairman of Tata Trusts, has presented a proposal for the Shapoorji Pallonji (SP) group to sell its 18.37 per cent stake in Tata Sons for approximately 25,000 crore, aiming to address the SP group's liquidity needs without a public listing of Tata Sons.
The Tata Sons board has voted to reappoint N Chandrasekaran as chairman for a third five-year term, a decision influenced by the Reserve Bank of India's rejection of the company's application to surrender its NBFC registration, which revives the prospect of a stock market listing.
The Reserve Bank of India (RBI) has rejected Tata Sons' application to surrender its non-banking finance company (NBFC) licence, a decision that mandates a public markets listing for the conglomerate's holding company as it is classified as an upper-layer NBFC.
Chandrasekaran's exit is more than a change of chairman. It represents the breakdown of the informal consensus that governed the Tata system under Ratan Tata.
Natarajan Chandrasekaran, credited with stabilising Tata Sons after a boardroom coup and overseeing significant expansion, has announced his resignation as chairman, capping a nearly decade-long tenure marked by both successes and escalating tensions with the group's controlling charitable trusts.
Corporate leaders' half-life has shrunk over the past few decades. That is the Tata experience as well. Over 144 years till 2012, Tata Sons had just five chairmen. However, in the 15 years till 2027, the same group will see three, points out R Gopalakrishnan.
Tata Sons, the holding company of the Tata group, continues to be classified as an 'upper-layer non-banking financial company' (NBFC) by the Reserve Bank of India (RBI), despite its application to deregister as an NBFC-Core Investment Company (CIC) remaining under consideration. This classification subjects it to enhanced regulation and a mandatory listing requirement, which remains uncertain.
Indian companies, including NBFCs, filed proposals to raise $7.696 billion through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) in July 2026, a significant increase from $6.09 billion in June.
'... that work is done. The task is to reallocate what has been built, with the courage of a founder and the discipline of an owner.'
'whom he believes in ... or whom he has faith in. But we don't know whether that person will be competent or not. This will lead to a lot of uncertainty in the minds of investors and shareholders of the Tata group companies.'
Tata Steel more than doubled its Indian capacity through acquisitions and expansion, strengthening cash generation as it pursued a costly restructuring of its European operations.
Tata Consumer Products reported healthy revenue growth in Q1 FY27, driven by its India branded business and accelerating momentum in newer segments, which are now expected to sustain double-digit sales growth and improve profitability.
In essence, Tata Sons will continue to be a CIC, whether registered or unregistered. It will have to follow the 90:60 principle.
If it qualifies as belonging to the upper layer, public listing will be one of the regulatory requirements. However, if it qualifies as 'unregistered CIC', it will escape from prudential regulation, explains Tamal Bandyopadhyay.
Potential external candidates include Anup Bagchi, Rajiv Sabharwal and CSB Bank's Pralay Mondal.
Tata Sons' unlisted ventures, including Air India, Tata Digital, and Tata Electronics, reported combined net losses of approximately 25,568.8 crore in FY25, a 58.3 per cent increase from the previous year, despite Tata Sons itself remaining profitable for over a decade.
Tata Steel plans to invest approximately Rs 20,000 crore in capital expenditure during the current financial year (FY27), a significant increase from the previous year, with 60 per cent of this allocation directed towards its India business for expansion, new technologies, and sustainability.
India needs to move beyond ease and cost of doing business and focus on the "speed of doing business" as the next leg of reforms to sustain economic growth and private investment, Confederation of Indian Industry (CII) President R Mukundan said.
Tata Motors is set to acquire Italy's Iveco Group, a strategic move aimed at propelling the Indian automaker into the top four global commercial vehicle (CV) manufacturers, with projected annual revenues of $35 billion-$40 billion within five years.
The National Stock Exchange of India Ltd (NSE) has received regulatory approval from SEBI for its long-awaited Rs 30,000-crore initial public offering (IPO), positioning it to potentially become the country's largest-ever public issue.
Indian benchmark equity indices, Sensex and Nifty, rebounded in early trade after a three-day slide, driven by strong buying in blue-chip bank stocks and a firm trend in global markets, supported by easing US bond yields and record foreign-currency deposit inflows.
Tata Motors' commercial vehicle (CV) business is strategically repositioning itself from a traditional truck manufacturer to a comprehensive logistics and mobility platform, aiming to reduce dependence on cyclical vehicle demand by accelerating growth in digital, international, and services segments.
TMC leader Derek O'Brien highlights the Tata Group's presence and expansion in West Bengal, countering BJP claims about bringing Tata back to the state. Investments and expansions span IT, manufacturing, hospitality, and retail sectors.
The much-awaited board meeting of Tata Sons did not discuss listing of the holding company or a third term for Chairman N Chandrasekaran.
Newly listed companies Vedanta Aluminium Metal, SBI Funds Management and Manipal Health Enterprises have entered the Rs 1 trillion mcap list since March 2026.
The Indian government's proposal to extend the operating life of certain battery-electric, CNG, and hydrogen vehicles under national permits by five years could significantly improve their total cost of ownership (TCO) and residual values, according to industry experts.
The upcoming Tata Sons board meeting in June could possibly throw some light on several critical issues that may have a bearing on the future of the corporate behemoth.
