Tata Capital seeks up to $20 billion valuation in upcoming IPO
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Tata Capital Ltd. is seeking a valuation of $18 billion to $20 billion in its planned initial public offering and could file an updated draft red herring prospectus as soon as this week, people familiar with the matter said.The valuation is much higher than an earlier target of about $11 billion, with the Tata Group unit buoyed by a recent rights issue and the success of other IPOs in India, including by fellow shadow lender, HDB Financial Services Ltd., the people said. HDB attracted strong demand and raised about $1.5 billion.Tata Capital aims to raise about $2.2 billion in its IPO, which is expected to launch in the first half of September, the people said, asking not to be identified discussing confidential information.Representatives for Tata Capital and parent Tata Sons Pvt. didn't respond to requests for comment.At that valuation, Tata Capital would rank as India's fourth-biggest shadow bank Bajaj Finance Ltd. has a market value of about $69 billion, followed by Bajaj Finserv Ltd. and Jio Financial Services Ltd. at $38 billion and $23 billion, respectively.HDB is valued at about $7.7 billion following its debut earlier this month, having rallied almost 14% on its first day of trading.Enthusiasm around India's equity markets is picking up again, with other big listings in the pipeline, including the local unit of LG Electronics Inc., which is looking to raise as much as $1.7 billion. Kotak Mahindra Capital Co. expects more than $30 billion to be raised in Indian IPOs over the next 12 months, an executive from the bank said in an interview with Bloomberg News this week.Tata Capital initially filed confidential IPO papers in April and received approval from India's market regulator last month to proceed. Companies are then required to submit an updated draft red herring prospectus and allow time for public feedback before filing a final version.The Reserve Bank of India has issued guidelines requiring larger shadow banks including Tata Capital to list by the end of September.
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First Post
22 minutes ago
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Trump says he heard India halted Russian oil purchases after tariff threat, calls it 'good step'
US President Donald Trump said that he had heard India had halted the purchase of Russian oil after his administration introduced a 25% tariff on Indian goods. Trump went on to call it a 'good step' read more Days after introducing high tariffs against India, US President Donald Trump said on Friday that he heard that India is no longer purchasing oil from Russia. While speaking to the reporters, Trump went on to describe the halting of oil purchases as a 'good step'. 'I understand India no longer is going to be buying oil from Russia,' Trump told reporters as he departed the White House for his weekend trip to his Bedminster Golf Club in New Jersey. 'That's what I heard. I don't know if that's right or not, but that's a good step. We'll see what happens,' he said. STORY CONTINUES BELOW THIS AD Earlier this week, Trump accused New Delhi of committing unfair trade practices by extensively purchasing oil and military equipment from Russia. 'INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST,' he wrote on Wednesday on Truth Social. #WATCH | "I understand that India is no longer going to be buying oil from Russia. That's what I heard, I don't know if that's right or not. That is a good step. We will see what happens..." says, US President Donald Trump on a question by ANI, if he had a number in mind for the… — ANI (@ANI) August 1, 2025 However, he is yet to reveal the specifics of the 'penalty'. While Trump admitted that India is a 'friend'. He slammed India's trade barriers and Russia connections. 'India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World,' he wrote. STORY CONTINUES BELOW THIS AD The trade between the US and India has remained substantial for decades, with goods reaching $129 billion in 2024, and Washington running a $45.7 billion trade deficit, according to the Office of the United States Trade Representative. India looks for options Trump's remarks on the matter came days after multiple media reports suggested that Indian state refiners have temporarily paused Russian oil purchases due to narrowing discounts and shipping challenges. However, the Indian government has yet to confirm the move officially. Meanwhile, the Ministry of External Affairs Spokesperson Randhir Jaiswal on Friday responded to the criticisms hurled by the Trump administration and defended India's longstanding partnership with Russia. 'India and Russia share a steady and time-tested partnership,' he said. Jaiswal also reaffirmed the strength of the India-US relationship, noting it is based on 'shared interests, democratic values, and robust people-to-people ties,' and expressed confidence that bilateral relations would continue to move forward despite current tensions.
