TC
Tata Capital
Book Building issueMainboardNSE₹15,512 Cr issue
+1.23%
Listing gain over issue price
Issue size
₹15,512 Cr
1 lot at cut-off
₹14,996
Lot size
46shares
Open
06 Oct 2025
Close
08 Oct 2025
Allotment
09 Oct 2025
Listing
13 Oct 2025
Listing performance
Issue price
₹326
Listed at
₹330
Listing-day close
₹330.50
Latest price
₹356.30
Listing gain
+1.23%
Return since listing
+9.29%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 13 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹326 | ₹0 |
| 12 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹326 | ₹0 |
| 11 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹326 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 06 Oct 2025 – 08 Oct 2025
- Listing date
- 13 Oct 2025
- Face value
- ₹10 per share
- Issue price
- ₹326 per share
- Lot size
- 46 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹15,512 Cr
- Market cap at offer price
- ₹1,38,383 Cr
- Promoter holding
- 95.60% → 85.50% pre-issue → post-issue
- ISIN
- INE976I01016
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Kotak Mahindra Capital Co.Ltd.
- Registered office
- 11th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 14,23,87,284 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 46 shares per lot, in multiples, at ₹326
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 46 | ₹14,996 |
| Retail (max) | 13 | 598 | ₹1,94,948 |
| S-HNI (min) | 14 | 644 | ₹2,09,944 |
| S-HNI (max) | 66 | 3,036 | ₹9,89,736 |
| B-HNI (min) | 67 | 3,082 | ₹10,04,732 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
14,23,87,284
Anchor portion
₹4,642 Cr
at ₹326 per share
Valuation and performance
Valuation at offer price
₹326 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.06 | 9.81 |
| P/E (×) | 35.98 | 33.23 |
| Price to book (×) | 4.10 | — |
| Market cap | — | ₹1,38,383 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 11.20%
- Debt / equity
- 6.60
- NAV per share
- ₹79.50
- Price to book
- 4.10
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Tata Capital
Tata Capital Limited, incorporated in 1991, is a subsidiary of Tata Sons Private Limited and categorized as an Upper Layer NBFC by the RBI. Since commencing lending operations in 2007, the company has served 7.3 million customers as of June 30, 2025. Through its comprehensive suite of 25+ lending products, it caters to salaried and self-employed individuals, entrepreneurs, small businesses, SMEs and corporates. The company also distributes third-party products including insurance and credit cards, offers wealth management services, and acts as sponsor and investment manager to PE funds. In May 2025, the company merged with Tata Motors Finance Limited, expanding its asset base and customer reach. The company earns revenue primarily through interest income on loans and finance leases, and through fees and commissions on third-party product distribution and wealth management services.
Company Analysis
from RHPTata Capital Limited is the flagship financial services company of the Tata group, an Upper Layer NBFC that provides a comprehensive suite of 25+ lending products including home loans, personal loans, vehicle finance, and working capital loans to diverse customer segments including individuals, SMEs, and corporates, while also distributing insurance and credit cards.
Tata Capital Limited, incorporated in 1991, is a subsidiary of Tata Sons Private Limited and categorized as an Upper Layer NBFC by the RBI. Since commencing lending operations in 2007, the company has served 7.3 million customers as of June 30, 2025. Through its comprehensive suite of 25+ lending products, it caters to salaried and self-employed individuals, entrepreneurs, small businesses, SMEs and corporates. The company also distributes third-party products including insurance and credit cards, offers wealth management services, and acts as sponsor and investment manager to PE funds. In May 2025, the company merged with Tata Motors Finance Limited, expanding its asset base and customer reach. The company earns revenue primarily through interest income on loans and finance leases, and through fees and commissions on third-party product distribution and wealth management services.
Non-Banking Financial Services (NBFC)Lending and FinanceInsurance DistributionWealth ManagementPrivate Equity Fund Management
Objects of the Issue
- Augmentation of our Company's Tier – I capital base to meet our Company's future capital requirements including onward lending p.22
- Augmentation of Tier-I Capital base to meet future capital requirements including towards onward lending p.77
- See 'Objects of the Offer' beginning on page 139 p.102
- Augmentation of our Company's Tier – I capital base to meet our Company's future capital requirements including onward lending p.144
- Not specified in this document part
- Not fully detailed in this excerpt - stated objects for previous rights issues include augmenting long-term resources for financing activities, meeting regulatory ratios prescribed by RBI, investing in subsidiaries, repayment of debts, and redemption of preference shares p.729
Issue Structure
- Total Issue
- Up to 475,824,280 Equity Shares of face value of ₹10 each aggregating up to ₹[●] million
- Fresh Issue
- Up to 210,000,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] million
- Offer for Sale
- Up to 265,824,280 Equity Shares of face value of ₹10 each aggregating up to ₹[●] million
- Face Value
- ₹10 each
Business Model
The company generates revenue primarily through interest income on its diverse lending portfolio including home loans, loans against property, personal loans, vehicle finance, SME loans, and equipment finance. Additional revenue streams include fees and commissions from third-party insurance and credit card distribution, wealth management services, and investment management of PE funds.
Business Segments
Provides home loans, loans against property, personal loans, and vehicle finance to individual customers
Provides financing for residential properties, loans secured by property, and financing for real estate developers
Provides working capital loans, equipment finance, and other credit facilities to small, medium enterprises and corporate clients
Distributes insurance products and credit cards, and offers wealth management services and acts as sponsor and investment manager to PE funds
Offers home loans, loans against property, personal loans, business loans, two-wheeler loans, car loans, commercial vehicle loans, construction equipment loans, loans against securities, microfinance loans, and education loans to salaried and self-employed individuals and owners of small businesses.
Provides supply chain finance, equipment finance, and leasing solutions to businesses with latest available turnover of less than or equal to ₹2.5 billion, including term loans, cleantech and infrastructure finance, and developer finance.
Offers term loans, cleantech and infrastructure finance, and developer finance to businesses with latest available turnover of more than ₹2.5 billion.
Provides loans to customers for purchase of two-wheelers; demand peaks during festive seasons and year-end discount periods between September and November
Provides loans for used car purchases; affected by seasonal trends and fuel prices, government policies, and monsoon conditions
Provides loans to microfinance customers; sensitive to agricultural cycles with demand increasing during sowing and harvesting seasons
Provides loans to students for studies, primarily outside India; demonstrates seasonal behavior peaking around admissions in first and third quarters; affected by domestic policies and visa policies in destination countries
Provides loans for construction equipment; demand impacted by monsoon season affecting construction and mining activities
Provides loans for commercial vehicles; demand affected by monsoon season causing assets to be off-road or idle
Provides loans to developers; affected by festive seasons and migratory nature of labor populations at construction sites
Lending products for salaried and self-employed individuals including vehicle finance, personal loans, and other retail lending products
Lending products for small and medium enterprises including working capital facilities, invoice discounting, and factoring services
Lending products for corporate entities and large business enterprises
Offers home loans, loans against property, personal loans, business loans, two-wheeler loans, car loans, construction equipment loans, loans against securities, microfinance loans, and education loans to salaried and self-employed individuals and owners of small businesses
Offers supply chain finance, equipment finance, leasing solutions, term loans, cleantech and infrastructure finance, and developer finance to businesses with latest available turnover of less than or equal to ₹2.5 billion
Offers term loans, cleantech and infrastructure finance, and developer finance to businesses with latest available turnover of more than ₹2.5 billion
Provides a comprehensive suite of 25+ lending products across retail, SME and corporate segments to diverse customer base including salaried and self-employed individuals, entrepreneurs, small businesses, SMEs and corporates
Distribution of third-party products such as insurance and credit cards (8.6 million insurance policies in force with 19 insurance partners; over 250,000 active Tata Corporate Cards), wealth management services for high-net-worth individuals (Tata Capital Wealth managing AUM of ₹69.8 billion as at June 30, 2025), and private equity funds management (₹70.0 billion raised across 8 domestic and offshore thematic funds)
Provides loans to individuals for purchase of vehicles, consumer durables, and other assets
Provides loans to small and medium enterprises
Provides loans to large corporates
Provides financing to retail customers
Provides financing to small and medium enterprises
Provides financing to corporate entities and cleantech ventures
Provides financing for motor vehicles and manages debt service management
Provides wealth management and advisory services
Consists of asset financing, term loans (corporate and retail), channel financing, credit substitutes, investments linked to/arising out of lending business and bill discounting.
Includes corporate investments.
Primarily includes advisory services, wealth management, distribution of financial products and leasing.
Loans for retail and corporate borrowers. Products offered include asset financing, term loans (corporate and retail), channel financing, credit substitutes, commercial vehicle finance, passenger vehicle finance, investments linked to/arising out of lending business, bill and invoice discounting.
Corporate investments including private equity instruments.
Advisory services, wealth management, distribution of financial products and leasing.
Offering loans to salaried and self-employed individuals and owners of small businesses including home loans, loans against property, personal loans, business loans, two-wheeler loans, car loans, commercial vehicle loans, construction equipment loans, loans against securities, microfinance loans, and education loans
Offering supply chain finance, equipment finance, leasing solutions, term loans, cleantech and infrastructure finance, and developer finance to SME customers with latest available turnover of less than or equal to ₹2.5 billion
Offering term loans, cleantech and infrastructure finance, and developer finance to businesses with latest available turnover of more than ₹2.5 billion
Distribution of third-party products such as insurance and credit cards, wealth management services catering to high-net-worth individuals and retail clients, and private equity business focused on Growth and Healthcare themes
Financing operations for motor vehicles
Financing for small and medium enterprises
Housing finance through Material Subsidiary Tata Capital Housing Finance Limited registered with NHB
SWOT Analysis
Strengths
- • Flagship financial services company of Tata group with extensive lending operations(p.21)
- • Upper Layer NBFC classification with comprehensive product suite(p.21)
- • Strong capital ratios exceeding regulatory minimums(p.25)
- • Secured loan portfolio reducing default risk(p.28)
- • Diversified revenue streams including insurance distribution and wealth management(p.21)
- • Limited credit information availability reduces company's ability to assess risk accurately(p.83)
- • Established risk management procedures in place for credit assessment(p.83)
- • No material adverse impact from credit risk assessment failures in recent periods(p.83)
- • Flagship financial services company of Tata Group with 150+ year legacy(p.150)
- • Third largest diversified NBFC with most comprehensive lending product suite(p.150)
- • AAA credit rating from all major agencies(p.151)
- • Pan-India branch network with 1,516 branches across 27 States and Union Territories(p.150)
- • Stable asset quality with low Gross Stage 3 and high provision coverage(p.150)
- • Large young population providing market expansion opportunity(p.176)
- • Rising urbanization driving infrastructure and housing demand(p.178)
- • Growing middle-income population expanding financial services demand(p.179)
- • Rapid digital adoption and financial technology infrastructure enabling financial inclusion(p.175)
- • Government initiatives supporting affordable housing market expansion(p.208)
- • NBFCs can penetrate Tier 2 and 3 markets better than banks in auto financing(p.237)
- • NBFCs gaining share in used car financing from banks(p.239)
- • NBFCs dominate two-wheeler financing with superior rural market reach(p.248)
- • NBFCs have superior customer connect in commercial vehicle financing for small fleet operators(p.254)
- • Tata Capital is the most comprehensive NBFC in product offerings(p.300)
- • Tata Capital is the fastest growing large diversified NBFC(p.300)
- • Third largest diversified NBFC with comprehensive 25+ product lending suite(p.313)
- • Fastest growing branch network among peers with 66.6% CAGR(p.303)
- • Third lowest credit cost among large NBFCs at 1.4% as of FY2025(p.303)
- • Highest domestic credit rating of AAA from all major agencies(p.321)
- • Second largest outstanding debt securities among large NBFCs(p.305)
- • One of only three NBFCs with international BBB credit rating(p.307)
- • Strong asset quality with among lowest NPA ratios and high PCR(p.305)
- • Flagship financial services company of 150+ year old Tata group(p.318)
- • Board governance structure with multiple specialized committees(p.394)
- • Established risk management framework with dedicated committee(p.401)
- • Strong audit oversight with comprehensive Audit Committee charter(p.394)
- • Promoter with substantial equity holding providing stability(p.409)
- • Professional management team with banking and finance expertise(p.405)
- • Third largest diversified NBFC with strong scale and growth trajectory(p.623)
- • Rapid loan portfolio expansion among largest diversified NBFCs(p.623)
- • Best-in-class asset quality metrics vs. peers(p.623)
- • Highest domestic credit ratings and strong international standing(p.624)
- • Large, diversified and granular loan portfolio across customer segments(p.623)
- • Extensive distribution network and omni-channel presence(p.623)
- • Strong funding diversification with no concentration risk(p.624)
- • Legacy brand strength with 150+ year Tata group heritage(p.623)
- • Extensive regulatory approvals across financial services sectors(p.697)
- • Multi-channel distribution capabilities across India(p.698)
- • Strong promoter backing from Tata group(p.692)
- • Diversified financial services platform with insurance agent registrations(p.698)
- • Low investor grievance volume historically(p.753)
- • Established investor grievance resolution mechanism(p.753)
- • Dedicated stakeholder grievance committee(p.753)
- • No exemptions from regulatory compliance required(p.753)
Weaknesses
- • Significant exposure to credit risk with non-performing assets(p.27)
- • Declining provision coverage ratio for Stage 3 loans(p.27)
- • Substantial unsecured loan portfolio creating recovery risk(p.27)
- • High dependence on borrowings relative to equity base(p.24)
- • Material litigation and contingent liabilities outstanding(p.28)
- • High Gross Stage 3 Loans ratio indicates elevated credit risk(p.55)
- • Declining provision coverage ratio limits protection against NPAs(p.55)
- • Significant unsecured loan exposure creates higher credit risk(p.56)
- • High Average Cost of Borrowings constrains profitability(p.61)
- • Regulatory non-compliances create liability exposure(p.74)
- • CRPS and NCD down-selling violations pending SEBI settlement(p.61)
- • TMFL acquisition integration risks and weaker financial metrics(p.67)
- • Legal proceedings involving Company, Directors, and Promoter create contingent liabilities(p.65)
- • Lack of access to comprehensive credit databases limits credit decision quality(p.83)
- • Persistent negative cash flows from operations constraining liquidity(p.83)
- • Substantial debt obligations and working capital requirements(p.84)
- • High borrowing levels with restrictive covenants limiting operational flexibility(p.84)
- • Portfolio attrition risk from customer refinancing and loan transfers(p.85)
- • Related party transactions create potential for conflicts of interest(p.83)
- • Low financial literacy limiting credit market penetration(p.181)
- • Insufficient data availability for credit underwriting and appraisal(p.214)
- • Thin net interest margins in home loan segment due to competition(p.214)
- • Asset liability management challenges in long-duration lending(p.214)
- • High concentration of retail credit in unsecured lending segments vulnerable to RBI regulations(p.227)
- • NBFCs serve riskier customer segments with higher default risk in construction equipment financing(p.246)
- • Asset quality deterioration in microfinance portfolios(p.266)
- • NBFCs have lower ticket sizes in auto financing compared to banks(p.238)
- • Volatile asset quality in corporate lending reducing profitability(p.274)
- • Over-indebtedness of microfinance borrowers(p.266)
- • High leverage with Total Borrowings to Total Equity of 6.6x(p.314)
- • Concentration risk with TMFL acquisition - single OEM origin(p.324)
- • Lower Return on Assets of 1.8% compared to some peers(p.316)
- • Significant increase in Gross Stage 3 loans post-TMFL acquisition to 2.1%(p.322)
- • Negative profitability and deteriorating capital position(p.346)
- • Significant decline in customer base year-over-year(p.347)
- • Deteriorating asset quality with rising Stage 3 loans ratio(p.347)
- • Decline in total gross loans(p.347)
- • Reduced provision coverage ratio(p.347)
- • High cost-to-income ratio indicating operational inefficiency(p.347)
- • High financial leverage with borrowings-to-equity ratio of 6.5x(p.423)
- • Deteriorating asset quality with rising Stage 3 loans ratio(p.426)
- • TMFL subsidiary showing significant operational losses(p.437)
- • Relatively high cost-to-income ratio indicating operational inefficiency(p.423)
- • Declining Return on Equity performance(p.425)
- • Increased impairment provisions due to TMFL acquisition(p.633)
- • Rising cost of borrowing pressuring net interest margins(p.626)
- • Operating expenses increased substantially post-TMFL merger(p.627)
- • High capital intensity requiring continuous funding(p.643)
- • Significant litigation burden from vehicle repossession and collection practices(p.674)
- • Concentration of large outstanding liabilities in debt securities and borrowings(p.660)
- • Extensive criminal litigation involving allegations of forgery, fraud, and improper loan origination(p.686)
- • Multiple PMLA investigations and provisional attachment orders affecting secured assets(p.675)
- • Regulatory action by Enforcement Directorate regarding money laundering concerns(p.675)
- • Significant pending litigation involving promoter's tax liabilities(p.692)
- • Multiple criminal complaints against managing director from historical ICICI Bank role(p.693)
- • Extensive volume of pending criminal complaints for cheque dishonor and NACH defaults(p.692)
- • Material tax litigation involving promoter across multiple jurisdictions(p.692)
Opportunities
- • Sector-wide growth trajectory exceeding GDP(p.21)
- • Expanding addressable market in retail and MSME segments(p.28)
- • Growth in real estate sector supporting housing and developer finance(p.28)
- • Capital infusion from IPO to support lending growth(p.23)
- • TMFL merger enhancing scale and market share(p.23)
- • Expansion of retail-focused loan portfolio to drive granular growth(p.57)
- • Growth through new lending products and market expansion(p.82)
- • Leverage Tata brand and group synergies post-TMFL integration(p.67)
- • Scale infrastructure through technology and analytics leverage(p.82)
- • Expansion into underserved retail and SME lending segments(p.83)
- • Growing demand for various loan products including microfinance and developer finance(p.94)
- • Leverage India's projected 6.5% GDP growth for Fiscal 2026(p.173)
- • Benefit from RBI rate cuts and easing monetary policy(p.172)
- • Capitalize on improved domestic consumption from tax benefits and agricultural support(p.172)
- • Significant untapped retail credit gap vs developed economies(p.190)
- • Massive housing shortage creating long-term credit demand(p.203)
- • Low mortgage-to-GDP ratio vs peers indicating growth potential(p.204)
- • Expansion of digital lending enabling underserved customer reach(p.187)
- • Retail credit projected to grow at 14-16% CAGR through FY28(p.192)
- • NBFCs gaining market share with targeted focus on underserved segments(p.197)
- • India's car market is extremely underpenetrated with growth potential(p.240)
- • Used car loan financing expected to grow at 16-18% CAGR through FY28(p.239)
- • NBFCs to expand in underserved rural and semi-urban two-wheeler markets(p.248)
- • Construction equipment financing expected to grow 14-16% CAGR through FY28(p.242)
- • Green and cleantech financing emerging as growth opportunity(p.280)
- • Supply chain financing growing at 18.7% CAGR with digitization driving adoption(p.276)
- • Expand product offerings and branch network to capture growing demand(p.323)
- • Leverage technology and GenAI for efficiency improvements across lending value chain(p.323)
- • Harness TMFL merger to become full-stack vehicle finance provider(p.324)
- • Optimize borrowing costs and diversify liability mix to improve margins(p.323)
- • Growth in industry loan portfolios - Home Loans projected 14-16% CAGR(p.327)
- • Expansion of loan portfolio across multiple segments(p.352)
- • Strong growth in disbursements across the consolidated entity(p.352)
- • Significant loan portfolio growth post-merger(p.376)
- • Diversified funding sources and capital raising capability(p.351)
- • Strong profitability in core operations excluding merged subsidiary(p.352)
- • Expansion of branch network across India(p.430)
- • Growing customer base providing cross-sell opportunities(p.430)
- • Diversified loan portfolio across retail, SME, corporate and cleantech segments(p.404)
- • Integration of TMFL providing scale in motor finance(p.423)
- • Strong credit ratings supporting market access(p.429)
- • Expansion into underserved Tier 2 and Tier 3 cities(p.625)
- • Cross-selling synergies from TMFL merger(p.625)
- • Growing demand for retail and SME credit in India(p.623)
- • Leverage technology and data analytics to reduce costs and enhance efficiency(p.627)
- • Expansion of partner ecosystem and digital channels(p.625)
- • Expansion of financial services through material subsidiary in housing finance(p.697)
- • Significant capital raised through multiple rights issues demonstrating investor confidence(p.729)
- • Public listing enabling access to capital markets for growth financing(p.719)
- • Expansion of shareholder base post-listing(p.758)
- • Access to diverse investor categories(p.760)
- • Employee participation and retention(p.760)
- • Enhanced capital raising through multiple tranches(p.760)
Threats
- • Rising interest rates impacting Net Interest Margin(p.28)
- • Constrained funding availability and credit rating downgrades(p.28)
- • Regulatory risks including debenture down-selling implications(p.28)
- • Real estate sector cyclicality and downturns(p.28)
- • Loan mix volatility affecting financial metrics(p.28)
- • Collateral value depreciation risks(p.28)
- • Economic slowdown and interest rate volatility threaten loan demand and NPA levels(p.55)
- • Intensifying competition in lending services may pressure margins(p.82)
- • Regulatory changes and RBI oversight restrictions on NBFC lending(p.68)
- • Real estate regulation increases compliance costs and hinders growth(p.60)
- • SME sector vulnerability to economic downturns and policy changes(p.69)
- • Mandatory IPO listing deadline creates execution pressure(p.68)
- • Foreign exchange and interest rate volatility impacts borrowing costs(p.80)
- • Macroeconomic downturn could reduce demand and increase defaults(p.92)
- • Regulatory changes and policy uncertainty in Indian lending environment(p.92)
- • State government loan waiver schemes increase credit risk(p.93)
- • Natural disasters and geopolitical risks in India(p.93)
- • Seasonal fluctuations and monsoon dependency affecting loan performance(p.94)
- • India's credit information infrastructure limitations pose systematic risk(p.95)
- • Inflation increases operating costs and reduces profitability(p.94)
- • Foreign exchange restrictions could impact non-resident investors and repatriation(p.95)
- • Telecommunications infrastructure limitations could disrupt operations(p.95)
- • Competition law enforcement could restrict business practices(p.96)
- • US tariff escalation and potential reciprocal tariffs on India(p.172)
- • Geopolitical instability and uncertainty(p.172)
- • Macroeconomic headwinds including geopolitical tensions and weather uncertainties(p.174)
- • Rising heatwaves threatening agricultural productivity and food inflation(p.175)
- • Potential US tariff hikes creating downside risk to domestic growth(p.175)
- • Overleveraging concerns in microfinance and unsecured lending segments(p.201)
- • Liquidity risk from property market illiquidity in semi-urban and rural areas(p.214)
- • Project delays impacting housing finance cash flows and loan book growth(p.214)
- • Protracted asset recovery processes delaying NPA resolution(p.214)
- • Intense competition from banks in auto financing squeezing margins(p.241)
- • Cyclical nature of construction equipment financing affecting asset quality(p.246)
- • Vehicle depreciation reducing collateral value in default scenarios(p.241)
- • Economic slowdown impacting commercial vehicle demand(p.256)
- • Regulatory convergence between NBFCs and banks increasing competition(p.256)
- • Microfinance borrowers vulnerable to external shocks(p.267)
- • Highly competitive NBFC and banking sector with multiple rivals(p.339)
- • Regulatory changes and compliance requirements as Upper Layer NBFC(p.324)
- • TMFL integration risks and asset quality deterioration post-merger(p.342)
- • Interest rate and borrowing cost volatility affecting margins(p.314)
- • Potential credit rating downgrades affecting borrowing costs and market access(p.336)
- • Regulatory capital adequacy requirements(p.357)
- • Mandatory listing requirement for NBFC-UL classification(p.356)
- • Restrictions on bank financing to NBFC activities(p.366)
- • Regulatory constraints on dividend declaration(p.361)
- • Stringent provisioning norms for stressed assets(p.358)
- • Rising non-performing assets in the financial services sector(p.425)
- • Regulatory capital requirements and compliance burden(p.427)
- • Interest rate volatility affecting cost of borrowing(p.425)
- • Competitive pressures in financial services and NBFC sector(p.410)
- • Dependency on capital markets for financing(p.427)
- • Rising interest rates and RBI monetary policy tightening(p.626)
- • Intense competition from banks, NBFCs and fintechs(p.626)
- • Macroeconomic slowdown reducing loan demand and asset quality(p.628)
- • Regulatory changes and compliance costs(p.627)
- • Credit rating downgrade risk increasing borrowing costs(p.642)
- • Asset-liability mismatch and interest rate repricing risk(p.626)
- • Competitive challenges and regulatory scrutiny in NBFC lending sector(p.674)
- • Large contingent liabilities from ongoing litigation against the company(p.682)
- • Reputational risk from multiple allegations of improper collection practices and harassment(p.672)
- • Adverse judicial trends with courts granting stays on recovery proceedings(p.669)
- • Regulatory enforcement actions under PMLA and competition law creating operational constraints(p.684)
- • Regulatory compliance requirements across multiple financial services verticals(p.719)
- • Pending ROC complaints against managing director involving Companies Act violations(p.694)
- • Significant exposure to customer default recovery proceedings through criminal channels(p.692)
- • Minimum subscription requirement risk(p.758)
- • Listing approval dependency(p.758)
- • Market timing and price band risk(p.754)
- • Regulatory changes post-prospectus(p.757)
- • Foreign exchange and capital control restrictions(p.782)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Tata Sons Private Limited | Promoter Selling Shareholder | 88.6% | — |
| International Finance Corporation | Investor Selling Shareholder | 1.8% | — |
| Tata Sons Private Limited | Promoter | 88.6% | — |
| International Finance Corporation | Investor Selling Shareholder | — | — |
| Tata Sons Private Limited | Promoter | 88.6% | not below 75% |
| International Finance Corporation | Selling Shareholder in Offer for Sale | — | — |
| Tata Sons Private Limited | Promoter (also the Promoter Selling Shareholder) | 88.6% | — |
| TMF Holdings Limited | Promoter Group | 4.6% | — |
| Tata Investment Corporation Limited | Promoter Group | 2.1% | — |
| Tata Sons Private Limited | Promoter | 88.6% | — |
| Tata Sons Private Limited | Promoter | — | — |
| Tata Sons Private Limited | Promoter | 88.6% | — |
| Tata Sons Private Limited | Promoter | 92.9% | 88.6% |
| Tata Sons Private Limited | Holding Company | — | — |
| Tata Sons Private Limited | Promoter | — | — |
| Tata Sons Private Limited | Promoter Selling Shareholder | [●] | [●] |
| International Finance Corporation | Investor Selling Shareholder | [●] | [●] |
| Tata Sons Private Limited | Promoter Selling Shareholder | — | — |
| International Finance Corporation | Selling Shareholder | — | — |
Leadership
Mr. Saurabh Agrawal · Chairman and Non-Executive Director
Mr. Rajiv Sabharwal · Managing Director and CEO
Mr. Rakesh Bhatia · Chief Financial Officer
Ms. Sarita Kamath · Chief Legal and Compliance Officer & Company Secretary
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.