Tata Capital Set For India Listing With Board Nod To $1 Billion IPO

The board of Tata Capital Ltd. approved listing the company on Indian exchanges through the initial public offering route, showed a filing to the listing departments of BSE and National Stock Exchange.

The IPO will consist of fresh issue of 23 crore shares and offer for sale by certain existing and eligible shareholders of the company, the filing read. Face value of each share will be Rs 10.

The board also approved issuing up to Rs 1,504 crore to existing shareholders of the company on rights basis.

(This is a developing story.)