Tata Capital Limited’s Initial Public Offer to open on Monday, October 6, 2025

POSTED BY: MRUNALI, SEPTEMBER 31 , 2025

Price Band has been fixed at ₹ 310 to ₹ 326 per Equity Share.

•  The Floor Price is 31.0 times the face value of Equity Shares and the Cap Price is 32.6 times the face value of the Equity Shares.
• Bid / Offer will open on Monday, October 6, 2025 and close on Wednesday, October 8, 2025 (“Bid Dates”).
• The Anchor Investor Bid / Offer Period shall be Friday, October 3, 2025.
• Bids can be made for a minimum of 46 Equity Shares and in multiples of 46 Equity Shares thereafter. (“ of Bids”)
• Red Herring Prospectus link: https://investmentbank.kotak.com/downloads/tatacapital-RHP.pdf

MUMBAI(RMN.IN) : Tata Capital Limited (“TCL” or the “Company”), shall open the  Bid/Offer in relation to its initial public offer of Equity Shares on Monday, October 6, 2025.

The Price Band of the Offer has been fixed at ₹ 310 to ₹ 326 per Equity Share. (“Price Band”). Bids can be made for a minimum of 46 Equity Shares and in multiples of 46 Equity Shares thereafter.

The initial public offer comprises of offer of up to 475,824,280 Equity Shares (“Total Offer Size”) comprising of a fresh issue of up to 210,000,000 Equity Shares (“Fresh Issue”) and an offer for sale of up to 265,824,280 Equity Shares (“Offer for Sale”).

The selling shareholders are Tata Sons Private Limited (the “Promoter Selling Shareholder”) selling up to 230,000,000 Equity Shares and International Finance Corporation (the “Investor Selling Shareholder”) selling up to 35,824,280 Equity Shares.

The Anchor Investor Bidding Date shall be Friday, October 3, 2025, and the Bid/Offer shall close on Wednesday, October 8, 2025.

The Company proposes to utilize the net proceeds from the Fresh Issue towards augmenting its Tier-I capital base to meet the Company’s future capital requirements, including onward lending (the “Object of the Offer”).

The Equity Shares are being offered through the red herring prospectus of the Company dated September 26, 2025 (the “Red Herring Prospectus”), filed with the Registrar of Companies, Maharashtra at Mumbai (the “ROC”). The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”).

Kotak Mahindra Capital Company Limited,  Axis Capital Limited, BNP Paribas, Citigroup Global Markets India Private Limited, HDFC Bank Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), J.P. Morgan India Private Limited, and SBI Capital Markets Limited are the book running lead managers to the Offer (the “BRLMs“).

All capitalised terms used herein but not defined shall have the same meaning as ascribed to them in the Red Herring Prospectus.

The Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (the “SCRR”), read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process in accordance with Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs” and such portion, the “QIB Portion”). The Company, in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis, in consultation with the BRLMs, in accordance with the SEBI ICDR Regulations (the “Anchor Investor Portion”).

One-third of the Anchor Investor Portion shall be reserved for domestic Mutual Funds, subject to valid Bids being received from the domestic Mutual Funds at or above the price at which allocation is made to Anchor Investors (“Anchor Investor Allocation Price”). In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (excluding the Anchor Investor Portion) (“Net QIB Portion”).

Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received from them at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to QIBs.

Further, not less than 15% of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors (“Non-Institutional Portion”) (of which one-third shall be available for allocation to Bidders with an application size of more than ₹0.2 million and up to ₹1.0 million and two-thirds shall be available for allocation to Bidders with an application size of more than ₹1.0 million, provided that the unsubscribed portion in either of such sub-categories may be allocated to Bidders in the other sub-category of Non-Institutional Portion subject to valid Bids being received at or above the Offer Price) and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Investors (“Retail Portion”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price.

All potential Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA Accounts (as defined hereinafter), and UPI ID in case of UPI Bidders (as defined hereinafter) using the UPI Mechanism, if applicable, in which the corresponding Bid Amounts will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or under the UPI Mechanism, as the case may be, to the extent of respective Bid Amounts. Anchor Investors are not permitted to participate in the Offer through the ASBA process. For details, see “Offer Procedure” on page 759 of the Red Herring Prospectus.

Disclaimer:

 TATA CAPITAL LIMITED is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its Equity Shares and has filed the Red Herring Prospectus with RoC on September 26, 2025. The Red Herring Prospectus is available on the website of SEBI at www.sebi.gov.in, as well as on the websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, on the website of the Company at www.tatacapital.com; and on the websites of the BRLMs, i.e. Kotak Mahindra Capital Company Limited, Axis Capital Limited, BNP Paribas, Citigroup Global Markets India Private Limited, HDFC Bank Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), J.P. Morgan India Private Limited and SBI Capital Markets Limited at https://investmentbank.kotak.com, www.axiscapital.co.in, www.bnpparibas.co.in, www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm, www.hdfcbank.com, www.business.hsbc.co.in, www.icicisecurities.com , www.iiflcap.com, www.jpmipl.com and www.sbicaps.com, respectively. Any potential investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see ‘Risk Factors’ on page 49 of the Red Herring Prospectus. Potential investors should not rely on the UDRHP-I filed with SEBI and Stock Exchanges for making any investment decision and should instead rely on the Red Herring Prospectus, for making any investment decision.

 The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws in the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws in the United States. Accordingly, the Equity Shares are being offered and sold (i) within the United States only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act) in transactions exempt from or not subject to the registration requirements under the U.S. Securities Act, and (ii) outside the United States in “offshore transactions” as defined in and in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales occur. The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside India and may not be offered or sold, and Bids may not be made by persons in any such jurisdiction, except in compliance with the applicable laws of such jurisdiction. There will be no public offering of the Equity Shares in the United States.