Tata Capital

By Dharamraj Dhutia

MUMBAI, July 16 (Reuters) - India's Tata Capital TATC.NS has accepted bids worth $400 million for its planned 3-1/2-year U.S. dollar-denominated bond issue at a coupon sharply below initial price guidance, two merchant bankers said on Thursday.

The non-banking financial company will issue these bonds at a spread of 107 basis points above U.S. Treasuries, 33 basis points tighter than the initial guidance of 140 bps, the bankers said.

The coupon currently works out to 5.3320%, and the issue attracted bids worth around $2 billion, indicating strong demand for the offering, they added.

The bankers requested anonymity as they are not authorised to speak to the media. The company did not reply to a Reuters email seeking comment.

CreditSights had expected the coupon to be priced at a spread of 115 bps above U.S. Treasuries.

The notes are likely to be rated "BBB" by S&P and "BBB-" by Fitch Ratings, in line with the issuer's own ratings.

Proceeds from the issue will be used for onward lending and other activities in accordance with External Commercial Borrowing guidelines.

This would be the second dollar debt issue by the company, which is part of the Tata Group conglomerate.

In January 2025, Tata Capital raised $400 million through its debut dollar debt issue with a similar maturity and a coupon of 5.3890%. The paper was sold at a spread of 92 bps over Treasury.

Over the last month, non-bank lender IIFL Finance raised $300 million through a 4-year social bond, while non-bank lender Capri Global has also initiated its plans for a dollar debt sale.

(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)

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By Dharamraj Dhutia

MUMBAI, July 15 (Reuters) - India's Tata Capital TATC.NS has given an initial price guidance of U.S. Treasury plus 140 basis points for its U.S. dollar-denominated bonds maturing in three-and-a-half years, two merchant bankers aware of the matter said on Wednesday.

The non-banking financial company may look to raise between $400 million and $600 million through this issue, with pricing to be finalised before the end of this week, the bankers added.

The notes would be rated BBB by S&P, and BBB- by Fitch Ratings, in line with the issuer's own rating.

The bankers requested anonymity as they are not authorised to speak to the media. The company did not reply to a Reuters email seeking comment.

The proceeds from the bonds will be applied for onward lending and other activities, in accordance with extant External Commercial Borrowing (ECB) guidelines.

This would be the second-ever dollar debt issue by the company, which is part of the Tata Group conglomerate.

In January 2025, the company raised $400 million through its debut dollar debt issue with a similar maturity and a coupon of 5.3890%. The paper was sold at a spread of 92 bps over Treasury.

Over the last month, non-bank lender IIFL Finance raised $300 million through a four-year social bond, while non-bank lender Capri Global has also initiated its plans for a dollar debt sale.

(Reporting by Dharamraj Dhutia; Editing by Rashmi Aich)

(([email protected];))

July 13 (Reuters) - VanEck iBoxx EUR Sov Cp AAA-AA 1-5 UC ETF TAT.AS:

• TATA CAPITAL - BOARD APPROVES AGREEMENT TO BUY 88.6% STAKE OF YOGAKSHEMAM LOANS

• TATA CAPITAL LTD - ENTERS GOLD LOANS THROUGH ACQUISITION OF YOGLOANS

• TATA CAPITAL - TO SUBSCRIBE TO SHARES OF YOGAKSHEMAM LOANS FOR ABOUT 930 MILLION RUPEES

Source text: ID:nBSE6Mlz2Y

Further company coverage: TAT.AS

(([email protected];))

MUMBAI, July 7 (Reuters) - India's Tata Capital TATC.NS has accepted bids worth 37.50 billion rupees ($393.41 million) for the reissue of 8.15% June 2029 bonds and a fresh five-year bond issue, three bankers said on Tuesday.

The non-banking finance company will offer a yield of 7.78% on the reissue and a coupon of 7.88% on the fresh issue, and had invited commitment bids on Monday, they said.

Tata Capital did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on July 7:

* Size includes base plus greenshoe for some issues

($1 = 95.3200 Indian rupees)

(Reporting by Dharamraj Dhutia)

(([email protected]))

By Dharamraj Dhutia

MUMBAI, July 6 (Reuters) - India's Tata Capital TATC.NS plans to raise funds through the sale of U.S. dollar-denominated bonds maturing in three-and-a-half years, two merchant bankers aware of the matter said on Monday.

The non-banking financial company may look to raise anywhere between $300 million to $500 million through this issue, the pricing for which will be finalised before the end of this week, the bankers added. The notes would be rated BBB by S&P, in line with the issuer's rating.

The bankers requested anonymity as they are not authorised to speak to media. The company did not reply to a Reuters email seeking comment.

Tata Capital will hold investor calls later in the day.

In January 2025, the company had raised $400 million through its debut dollar debt issue with a similar maturity at a coupon of 5.3890%. The paper was sold at a spread of 92 basis points over Treasury.

Last week, non-bank lender IIFL Finance raised $300 million through a four-year social bond, while non-bank lender Capri Global also initiated its plans for a dollar debt sale.

(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)

(([email protected];))

** Motilal Oswal initiates coverage on India's Tata Capital TATC.NS with "neutral" and PT at 390 rupees

** Brokerage flags strong franchise with ~2.77 trillion rupees ($29.30 billion) AUM and ~29% AUM CAGR over FY23-26

** Sees healthy growth ahead, with ~23% AUM CAGR projected over FY26-28

** Says margins to improve gradually on shift to higher-yielding retail, unsecured segments

** Brokerage highlights strong Tata parentage, AAA rating aiding low cost funding access

** Motilal also flags turnaround in motor finance, moderation in credit costs as positives

** TATC down 2.4% at 360.20 rupees, benchmark Nifty 50 .NSEI flat as of 11:45 a.m. IST

** Avg rating of 11 analysts at "buy"; median PT is 395 rupees - LSEG-compiled data

** YTD, stock up 5.4%

($1 = 94.5400 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

Adds details throughout on Jio Platforms

MUMBAI, June 19 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms filed regulatory papers for an IPO on Friday that sources said would raise about $3.8 billion, making it the country's biggest-ever stock offering.

Another IPO that is in the pipeline - by the National Stock Exchange of India - is likely to be worth about $3.3 billion.

Here are the five largest Indian IPOs to date:

HYUNDAI MOTOR INDIA

Hyundai HYUN.NS, the world's third-largest automaker and India's fourth-biggest passenger vehicle maker, raised 278.7 billion rupees ($2.95 billion) in October 2024 in what is currently India's biggest-ever IPO.

The manufacturer's South Korean parent 005380.KS sold a 17.5% stake in a pure offer-for-sale, where existing shareholders sell shares and no new capital is raised. Jio Platforms is expected to use a similar approach, with the company's major investors set to dilute their stakes.

LIFE INSURANCE CORPORATION OF INDIA

The government pocketed roughly 205 billion rupees ($2.17 billion) from selling a 3.5% stake in India's largest insurer and biggest domestic financial investor LIFI.NS, a far cry from its initial target of up to $12 billion.

The shares slid nearly 8% on their debut.

PAYTM

Paytm PAYT.NS, an Indian fintech firm, raised 183 billion rupees in November 2021 in a mix of a fresh share issue and an offer for sale. Ant Group reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding to 16%.

Paytm lost more than 27% on its debut, the biggest listing-day drop in Indian IPO history at the time.

TATA CAPITAL

The Tata Group's financial services arm TATC.NS raised 155 billion rupees in October 2025, with Tata Sons and IFC among those selling in the offer for sale component alongside a fresh issue. The IPO was the largest-ever by a non-banking financial company in India. The shares listed at a slight premium of 1.23%.

LG ELECTRONICS INDIA

South Korean parent LG Electronics 066570.KS offloaded a 15% stake in its Indian unit LGEL.NS, a maker of refrigerators, washing machines, air conditioners and televisions, in a pure offer for sale issue, netting 116 billion rupees in October 2025.

The IPO was oversubscribed 54 times - the most heavily subscribed major Indian IPO since Reliance Power's listing in 2008 - attracting bids worth about 4.4 trillion rupees.

LG's shares surged 50% on their first day of trading, valuing the unit higher than its Seoul-based parent.

($1 = 94.3800 Indian rupees)

(Reporting by Vibhuti Sharma and Jayshree P. Upadhyay in Mumbai; Editing by AdityaKate Mayberry and Kevin Buckland)

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Updates to add IPO filing by NSE

MUMBAI, June 18 (Reuters) - The National Stock Exchange of India has filed draft papers for a long-delayed listing that will be one of two mega initial public offerings in the country this year, alongside billionaire Mukesh Ambani's Reliance Jio.

NSE's IPO is likely to be worth $3.3 billion, based on its share price in private markets, and comes after years of regulatory delays. Existing investors will sell 6% of the company's equity as part of the issue, which will be a pure offer-for-sale with no fresh equity being raised.

Ambani's AI-to-telecoms arm Reliance Jio Platforms is also gearing up for a stock offering that will likely be India's biggest ever.

Sources told Reuters in January that the IPO could be worth as much as $4 billion, though final numbers will only be decided later. In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion.

Here are the five largest Indian IPOs of all time before NSE and Jio Platforms:

HYUNDAI MOTOR INDIA

Hyundai HYUN.NS, the world's third-largest automaker and India's fourth-biggest passenger vehicle maker, raised 278.7 billion Indian rupees ($2.95 billion) in October 2024 in India's largest-ever IPO.

The manufacturer's South Korean parent 005380.KS sold a 17.5% stake in a pure offer-for-sale, where existing shareholders sell shares and no new capital is raised. Jio Platforms is expected to use a similar approach, with the company's major investors expected to dilute their stakes.

LIFE INSURANCE CORPORATION OF INDIA

The government pocketed roughly 205 billion Indian rupees from selling a 3.5% stake in India's largest insurer and biggest domestic financial investor LIFI.NS, a far cry from its initial target of up to $12 billion.

The shares slid nearly 8% on their debut.

PAYTM

Paytm PAYT.NS, India's fintech firm, raised 183 billion Indian rupees in November 2021 in a mix of a fresh share issue and an offer for sale. Ant Group reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding to 16%.

Paytm lost more than 27% on its debut, the biggest listing-day drop in Indian IPO history at the time.

TATA CAPITAL

The Tata Group's financial services arm TATC.NS raised 155 billion Indian rupees in October 2025, with Tata Sons and IFC among those selling in the offer for sale component alongside a fresh issue. The IPO was the largest-ever by a non-banking financial company in India.

The shares listed at a slight premium of 1.23%.

LG ELECTRONICS INDIA

South Korean parent LG Electronics 066570.KS offloaded a 15% stake in its Indian unit LGEL.NS, a maker of refrigerators, washing machines, air conditioners and televisions, in a pure offer for sale issue, netting 116 billion Indian rupees in October 2025.

The IPO was oversubscribed 54 times - the most heavily subscribed major Indian IPO since Reliance Power's listing in 2008 - attracting bids worth about 4.4 trillion rupees.

LG's shares surged 50% on their first day of trading, valuing the unit higher than its Seoul-based parent.

($1 = 94.3800 Indian rupees)

(Reporting by Vibhuti Sharma and Jayshree P. Upadhyay in Mumbai; Editing by Aditya Kalra, Kate Mayberry and Kevin Buckland)

(([email protected];))

Tata Capital's board approved a plan to raise as much as ₹36,000 crore through the issuance of non-convertible debentures on a private placement basis. The fundraise, which can include secured, unsecured, subordinated, perpetual, or market-linked debt instruments, is subject to shareholder approval. The company will determine the final terms—including interest rate, tenor, and security—in subsequent offer documents. The proposed amount is unusually large relative to the company's market capitalisation of roughly ₹144,113 crore, marking one of the biggest single debt-raising exercises for the NBFC. The board meeting, which began at 9:30 am, concluded at 9:50 am with this approval.

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June 17 (Reuters) - VanEck iBoxx EUR Sov Cp AAA-AA 1-5 UC ETF TAT.AS:

• BOARD APPROVES FUNDRAISE UP TO 360 BILLION RUPEES VIA NON-CONVERTIBLE DEBENTURES

Source text: ID:nBSE2BDpMh

Further company coverage: TAT.AS

(([email protected];;))

MUMBAI, June 11 (Reuters) - India's Tata Capital TATC.NS accepted bids worth 20.30 billion rupees ($212.07 million) in a sale of bonds maturing in three years, three bankers said on Thursday.

It will pay a coupon of 8.15% and had invited commitment bids for the issue on Wednesday, they said.

The company did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on June 11:

* Size includes base plus greenshoe for some issues

($1 = 95.7225 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

(([email protected], [email protected]))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, June 2 (Reuters Breakingviews) - Forcing an initial public offering of the Tata conglomerate's holding company would be a clumsy application of rules designed to reduce shadow banking risks. It could also sting the Indian government as it would curb the financial flexibility of the $270 billion cars-to-chips group when New Delhi most needs agility from its corporate behemoths.

A listing risk has hung over Tata Sons since 2021, when the Reserve Bank of India refreshed its rulebook, following the collapse of Infrastructure Leasing & Financial Services, a major non-bank lender. The RBI enhanced capital requirements for large shadow banks and mandated listings to increase transparency. Tata Sons is registered as a core investment company, which the RBI counts as a category of shadow banks.

Tata Sons has since taken extensive steps to address potential risks. Last year it completed a $13 billion IPO of Tata Capital TATC.NS, a small non-bank financial company; cut its quasi-lending exposure by reducing the value of so-called “letters of comfort” issued to subsidiaries’ creditors by 60% in the two years to March 31, 2025; and moved from a net debt to net cash position as of March 2024. Yet the RBI’s latest update implies Tata Sons will still need to list after July 1.

The latest pushback comes from Noel Tata, chair of Tata Trusts which owns 66% of Tata Sons. He's written to the RBI saying a listing would shift the holding company’s priorities from long-term institution-building to catering to shorter-term market expectations, Moneycontrol reported on June 1, citing people familiar with the matter.

That's a real risk; Tata's big bet on building an indigenous chip industry may not have materialised if Tata Sons was a public company. What's more, a Tata Sons IPO would not significantly increase transparency. Most of its large investments already trade as public companies, including $85 billion Tata Consultancy Services TCS.NS, $38 billion Titan TITN.NS and $15 billion Tata Motors TAMO.NS.

But a forced IPO would crystallise a huge conglomerate discount. For investors, owning a holding company is usually less attractive than buying listed subsidiaries that provide direct exposure to a desired industry. In Asia, these discounts can be as high as 50%: Tata Sons held assets worth an estimated 1.75 trillion rupees ($18.42 billion) as of March 2025.

To be sure, Tata Sons has its problems. Minority shareholder Shapoorji Pallonji Group wants liquidity for its 18% stake and skirmishes among Tata Sons board members have intensified since the death of Ratan Tata, the group's chair emeritus. The RBI diktat is making matters worse.

New Delhi may also stand to lose from broadening out Tata Sons' shareholder base. The group's 2022 purchase of Air India, the bleeding national carrier that has lurched from crisis to crisis, would have been hard to justify to external investors. On balance, an IPO would enforce rules to the letter but achieve little else.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

Tata Trusts Chair Noel Tata has written to the Reserve Bank of India opposing any potential listing of Tata Sons, news website Moneycontrol reported on June 1, citing unnamed people directly aware of the matter. He argued that going public could alter the long-term character of the Tata group’s holding company and disrupt the philanthropic objectives of the Trusts, the report added.

The RBI on April 29 expanded the definition of 'public funds' in its regulations for non-banking financial companies. The updated rules state that investment companies that have access to public funds indirectly through group entities or associates will not be exempted from the requirement to go public if they hold assets worth at least 1 trillion rupees ($10.5 billion).

The rules will come into effect on July 1.

(Editing by Una Galani; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

MUMBAI, May 21 (Reuters) - India's Tata Capital TATC.NS accepted bids worth 29.50 billion rupees ($306.65 million) in a sale of bonds maturing in two years and nine months, three bankers said on Thursday.

The bonds will carry an initial coupon of 7.42%, with subsequent resets linked to the three-month treasury bill yield plus a spread of 210 basis points, they said.

A. K. Capital Services, ICICI Securities Primary Dealership, and ICICI Bank are the arrangers on the deal, the bankers said.

The company had invited commitment bids for the issue on Wednesday.

It did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on May 19:

*Size includes base plus greenshoe for some issues

($1 = 96.2000 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)

(([email protected], [email protected]))

MUMBAI, May 19 (Reuters) - India's Tata Capital TATC.NS plans to raise up to 40 billion rupees ($415.19 million), including a greenshoe option of 12.50 billion rupees, through sale of bonds maturing in two years and nine months, three bankers said on Tuesday.

It will carry an initial coupon of 7.42%, with subsequent resets linked to the three-month Treasury bill yield plus a spread of 210 basis points, they said, adding that A. K. Capital Services, ICICI Securities Primary Dealership, and ICICI Bank are the arrangers on the deal.

The company has invited commitment bids for the issue on Wednesday and did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on May 19:

* Size includes base plus greenshoe for some issues

($1 = 96.3425 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sherry Jacob-Phillips)

(([email protected], [email protected]))

By Khushi Malhotra and Dharamraj Dhutia

MUMBAI, May 18 (Reuters) - Some Indian firms are turning to floating-rate bonds to attract investors and manage borrowing costs at a time when expectations of rate hikes have pushed up yields on conventional fixed-rate debt, making buyers wary of locking in lower rates.

Coupons for floating-rate bonds are priced at a spread over three-month Treasury bill yields and reset quarterly. When rate hikes are expected, these bonds turn more attractive to both issuers and investors - companies can borrow at a lower initial cost, while investors benefit from returns that rise over time.

Four non-banking finance companies, ICICI Home Finance ICICH.UL, Tata Capital TATC.NS, Mahindra & Mahindra Financial Services and HDB Financial Services HDBF.NS, plan to raise about 85.50 billion rupees ($887.74 million) this week through the sale of floating-rate bonds with a three-year maturity, merchant bankers said.

These companies have traditionally relied on fixed-rate bonds for their funding requirements. The four companies did not reply to a Reuters request for comment.

Venkatakrishnan Srinivasan, founder and managing partner of debt advisory firm Rockfort Fincap, cited the volatile interest-rate environment for the rising interest in such bonds, and said several issuers have been struggling to raise targeted amounts through fixed-rate issuances.

Bets that the Reserve Bank of India will raise interest rates in 2026 have strengthened, with inflation expected to rise due to persistently high oil prices from the Iran war.

India's April annual wholesale price index inflation jumped to its highest level in three and a half years, while overnight index swap rates have surged.

The one-year swap is now pricing in at least 100 basis points of hikes over the next 12 months, possibly from August, lifting fixed-rate yields.

YIELD PICKUP

Currently, spreads on AAA-rated floating-rate debt are in the 193–210 bp range over the T-bills, implying a yield of about 7.35%. This is roughly 30–40 bps lower than the comparable fixed-rate bonds.

"If an asset manager fully hedges the floating rate bond, the all-in yield (for the investor) is closer to 8.85%, compared with around 8.25% on a conventional fixed-rate bond. On a hedged basis, it makes a lot of sense for asset managers to add these papers," said Basant Bafna, head of fixed income at Mirae Asset Investment Managers (India).

Investors can use the swap market to convert floating returns into fixed ones.

From the issuer's perspective, they are "getting good size", Bafna said, referring to a larger quantum of funds, and added that their incremental cost of funds is lower.

($1 = 96.3125 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Nimesh Vora and Janane Venkatraman)

(([email protected];))

MUMBAI, May 13 (Reuters) - India's Tata Capital Housing Finance TATASG.UL plans to raise up to 17 billion rupees ($177.85 million), including a greenshoe option of 12 billion rupees, through the sale of bonds maturing in three years, three bankers said on Wednesday.

It will pay a coupon of 7.85% and has invited commitment bids for the issue on Wednesday, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on May 13:

* Size includes base plus greenshoe for some issues

($1 = 95.5850 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

(([email protected], [email protected]))

** India's Tata Capital TATC.NS on Thursday posted quarterly profit rise of 42.8% y/y, interest income rise of 8.8% y/y

** Shares of non-banking finance co largely flat, last down 0.7%

** JPMorgan ("overweight", PT 380 rupees) says quarter in-line with expectations, views opex decline and asset quality improvement favourably

** Emkay ("add", PT 390 rupees) says AUM growth higher than expected, notes positive management commentary around FY25-28 guidance of 23-25% growth in AUM annually

** Ambit Capital ("buy", PT 431 rupees) points out decline on loan yields and spreads due to higher corporate lending, optimistic about AUM growth

** Systematix ("buy", PT 400 rupees) points out that despite headline expansion, growth mix tilted towards relatively lower-yielding segments such as SME and corporate

** Stock down 1.2% YTD

(Reporting by Abhirami G in Bengaluru)

(([email protected]))

MUMBAI, March 18 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Jio Platforms has hired 17 banks to manage its Mumbai stock listing, which will see the company raise no new funds and allow exits for some shareholders, four sources familiar with the matter said.

The IPO will be executed as a so-called "offer for sale" in India, three of the sources said, where only existing shareholders sell their shareholding to public.

Reliance did not respond to Reuters queries.

Over the past six years, Jio has diversified into artificial intelligence and raised funds from well-known investors including KKR KKR.N, General Atlantic, Silver Lake and the Abu Dhabi Investment Authority.

(Reporting by Vibhuti Sharma and Jayshree P Upadhyay in Mumbai and Aditya Kalra in Delhi; Editing by Sumeet Chatterjee and Joe Bavier)

(([email protected];))

Feb 25 (Reuters) - Tata Capital Ltd TATC.NS:

• UNIT APPROVES ISSUANCE OF SHARES WORTH 6.5 BILLION RUPEES ON RIGHTS BASIS

• UNIT TATA CAPITAL HOUSING FINANCE TO ISSUE SHARES TO TATA CAPITAL IN TRANCHES

Source text: [ID:]

Further company coverage: TATC.NS

(([email protected];;))

MUMBAI, Feb 10 (Reuters) - India's Tata Capital Housing Finance TATASG.UL plans to raise up to 7.5 billion rupees ($82.69 million), including a greenshoe option of 3.5 billion rupees, through the sale of bonds maturing in two years, three bankers said on Tuesday.

The company has invited coupon and commitment bids for the issue on Wednesday, they said.

Tata Capital did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on February 10:

* Size includes base plus greenshoe for some issues

($1 = 90.6980 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)

(([email protected], [email protected]))

MUMBAI, Feb 9 (Reuters) - India's Tata Capital TATC.NS plans to raise up to 15 billion rupees ($165.6 million), including a greenshoe option of 12.5 billion rupees, through the reissue of 7.95% 2028 bonds, three bankers said on Monday.

It will pay an annual coupon of 7.95% and has invited commitment bids for the issue later in the day, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on February 9:

*Size includes base plus greenshoe for some issues

($1 = 90.5600 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)

(([email protected], [email protected]))

** Tata Capital on Mon posted 20.4% rise in Q3 consol profit to 12.57 billion rupees ($138.1 million)

** Shares rose as much as 2% to hit record high on Tues; stock reversed course and was last down 0.4% at 358.9 rupees

RECORD Q3 AUM ADD; ASSET QUALITY IMPROVES; FY28 ON TRACK

** JM Financial ("Add"; PT: 385 rupees) says company recorded its highest-ever quarterly AUM addition of 168 billion rupees in Q3, largely driven by festive-led demand and GST rate cuts; expects average AUM growth of ~21-22% over FY27E/28E

** Ambit Capital ("Buy"; PT: 420 rupees) says management commentary indicates further improvement in asset quality in unsecured loans as well as CV finance; expects credit costs to decline from 1.3% in FY26 to 1.0-1.1% in FY27/28E,

** Emkay Global ("Add"; increases PT to 380 rupees) notes co continues to recalibrate its asset mix toward higher-yield and granular segments, such as unsecured retail, SME, affordable housing, LAP, and used CVs, while remaining disciplined on risk and margins; says further reinforces expectation that co will achieve FY26 guidance and remain on track for reaching FY28 profitability targets

($1 = 91.0213 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru)

(([email protected]))

Jan 19 (Reuters) - Tata Capital Ltd TATC.NS:

• Q3 CONSOL NET PROFIT 12.57 BILLION RUPEES

• Q3 CONSOL INTEREST INCOME 72.42 BILLION RUPEES

Source text: [ID:]

Further company coverage: TATC.NS

(([email protected];;))

Adds context in paragraph 5, minor changes throughout

By Vivek Kumar M

Nov 12 (Reuters) - Shares of Billionbrains Garage Ventures BILO.NS, parent of online brokerage Groww, jumped 24% in their market debut on Wednesday, valuing the firm at 761 billion rupees ($8.6 billion) as investors bet on India's retail investing boom after a run of weak listings.

The stock opened at 112 rupees on the National Stock Exchange (NSE) and climbed to 124 rupees, well above its 100-rupee issue price in a $754 million IPO.

The debut valued Groww above listed peers Motilal Oswal Financial Services MOFS.NS and Angel One ANGO.NS, and offered relief to IPO investors after subdued market entries from Lenskart Solutions LENS.NS, Orkla India ORKL.NS, and Studds Accessories STUS.NS earlier this month.

"Groww represents a strong long-term structural story and can act as a proxy for India's expanding capital market participation," said Prashanth Tapse, senior vice-president of research at Mehta Equities.

India's NSE has been adding about 10 million registered investors every six to seven months since March 2021, taking its total investor base to 120 million as of September, the country's largest bourse said.

Groww's listing comes amid a flurry of IPOs in India, where over 300 companies have raised $16.55 billion so far in 2025, according to LSEG data. The country’s primary market is on track to surpass last year's record $20.5 billion, led by big-ticket listings from Tata Capital TATC.NS, LG Electronics India LGEL.NS, and HDB Financial Services HDBF.NS.

Founded in 2016, Groww is among the country's largest online investment platforms, offering trading in equities, mutual funds, and fixed-income products.

Still, some analysts warned that much of the near-term optimism may already be priced in. "The current valuations seem to fully capture the short-term growth prospects, and investors should watch out for a couple of quarterly earnings before making further investment decisions," said Kranthi Bathini, director of equity strategy at WealthMills Securities.

($1 = 87.8950 Indian rupees)

(Reporting by Vivek Kumar M in Bengaluru; Editing by Rashmi Aich and Nivedita Bhattacharjee)

(([email protected];))

Adds details paragraph 3 onwards

Oct 28 (Reuters) - India's Tata Capital TATC.NS reported a rise in second-quarter profit on Tuesday, in its first earnings since going public, led by steady loan growth.

The non-bank lender's consolidated profit rose to 10.97 billion rupees ($124.8 million), from 10.76 billion rupees a year earlier.

Credit demand in India recovered during the July–to-September quarter following several quarters of muted growth, driven by a revival in consumption and a gradual increase in corporate borrowing.

Loan growth is expected to remain strong in the second half of the fiscal year, buoyed by recent tax relief measures.

Tata Capital, which trails market leader Bajaj Finance BJFN.NS and Shriram Finance SHMF.NS by market capitalisation, said revenue from loans it gave to retail and corporate borrowers climbed 12.3% to 75.18 billion rupees.

Retail loans account for 64% of the company's total assets.

The lender's interest income rose nearly 12% to 69.80 billion rupees.

Tata Capital made a subdued trading debut earlier this month and was valued at 1.4 trillion rupees, after getting bids worth $2.9 billion for its IPO, the country's biggest so far this year.

The company's shares have been flat since listing.

($1 = 87.8950 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Janane Venkatraman and Mrigank Dhaniwala)

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Updates stock price in paragraph 2, adds details throughout

By Vivek Kumar M

Oct 17 (Reuters) - India's Canara HSBC Life Insurance CANR.NS made a muted debut on the bourses on Friday, as unappealing pricing and a crowded IPO market clouded the insurer's prospects.

Its stock was trading at 108.9 rupees, as of 10:50 a.m. IST, up 2.7% from its issue and listing price of 106 rupees, yielding the insurer a valuation of 105.15 billion rupees ($1.20 billion).

Peers SBI Life Insurance SBIL.NS and HDFC Life Insurance HDFL.NS are valued around $21 billion and $18 billion, respectively.

Canara HSBC Life Insurance, which is a joint venture between Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, struggled to garner bids from retail and non-institutional investors earlier this week.

Retail investors subscribed 42% of their quota, while high-net-worth individuals subscribed a third of their shares in the $283 million IPO.

Thanks to qualified institutional buyers, the issue was subscribed 2.29 times, which was still lower than most other IPOs that opened in the last couple of weeks.

For instance, another Canara Bank-promoted entity, Canara Robeco Asset Management CANE.NS, received bids worth nearly 10-fold and closed 13% higher in its debut on Thursday.

Choice Broking said the insurer's valuation appeared to be fully priced, with price-to-enterprise value multiple, a stock valuation metric, of 1.6x, while industry averaged 2.4x.

"High dependence on bancassurance (where banks sell insurance) and relatively lower VNB (value of new business) margins compared to peers is expected to keep valuation multiples at a discount to peers," ICICI Direct said.

The insurer got 87% of its new business premium in fiscal year 2024-25 through bancassurance, with Canara Bank contributing 70.6% of this.

The listing caps a busy week for the Indian IPO market, which saw five stock debuts, including a blockbuster listing from LG Electronics India LGEL.NS and a muted start from the country's largest IPO of the year, Tata Capital TATC.NS. ($1 = 87.8387 Indian rupees)

(Reporting by Vivek Kumar M; Editing by Sumana Nandy and Harikrishnan Nair)

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Updates shares level, adds details, background from paragraph 2 onwards

Oct 16 (Reuters) - Indian asset manager Canara Robeco's CANE.NS shares jumped 13% in their trading debut on the National Stock Exchange on Thursday, valuing the company at around 60 billion rupees ($681.42 million).

The Mumbai-based firm's stock rose to 302 rupees, above the 266 rupee issue price.

The listing follows its nearly $150 million IPO that was subscribed about 10-fold earlier this week.

It is a busy week for India's primary market, as the country's largest IPO of the year Tata Capital TATC.NS, and LG Electronics India LGEL.NS also made their debut.

Canara Robeco's IPO was led by a strong demand from qualified institutional buyers, who subscribed 26-fold their reserved quota. In comparison, retail investors' portion was subscribed two-fold.

Brokerages PL Capital and InCred Equities are bullish on the asset manager's growth potential on the back of strong retail flows into mutual funds, a focus on active equity funds, and room for earnings growth.

PL Capital initiated coverage on the stock with a 'buy' rating and a price target of 320 rupees per share, an upside of 20.3% from the issue price.

Canara Robeco is the first public debut by an Indian asset manager this year, adding to the growing list of financial services firms tapping the capital markets. ICICI Prudential AMC IICL.NS is expected to later this year.

Canara Robeco, which is a joint venture between India's Canara Bank CNBK.NS and the European arm of Japan's ORIX 8591.T, is the smallest among its listed peers in terms of revenue, which include HDFC AMC HDFA.NS, Nippon Life India AMC NIPF.NS and UTI AMC UTIA.NS.

Unlike its peers, the over-30-year-old asset management company's portfolio is largely focused on equities, with a predominantly retail investor base.

($1 = 88.3175 Indian rupees)

($1 = 87.8310 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru; Editing by Harikrishnan Nair)

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Rewrites throughout, adds analyst comments in paragraph 3

By Vivek Kumar M and Kashish Tandon

Oct 14 (Reuters) - LG Electronics India LGEL.NS soared 53.4% in its trading debut on Tuesday, overtaking its South Korean parent's market value, as investors bet big on its manufacturing and retail ambitions in the country, fuelled by a surge in consumer demand.

Policy support, including India's recent tax cuts on consumer goods such as refrigerators and televisions, and a dovish central bank stance are expected to lift near-term growth for appliance makers.

The listing - the strongest for a billion-dollar IPO in India since 2021 - coincides not only with India's festive season, when spending peaks, but also comes amid a busy primary market, where favourable policies are driving a fundraising boom set to surpass last year's record $20.5 billion.

Consumption is "where LG has gotten a better response compared to other IPOs that are currently in the market", said Deven Choksey, managing director at DRChoksey FinServ.

The blockbuster $1.3 billion offering opened for bids around the same time as the year's largest IPO Tata Capital TATC.NS and office working space major WeWork India's WEWO.NS listing.

However, while LG's IPO was fully subscribed within hours of opening, attracting bids worth nearly $50 billion, both Tata Capital and WeWork logged muted demand across investor segments.

On listing day, the former rose only 1.4%, while the latter fell 3%.

"After a long time, we're seeing a genuinely strong IPO in the consumer space — solid fundamentals, reasonable valuations and sector-leading growth prospects," said Dhiraj Relli, managing director and CEO of HDFC Securities.

The country's second-biggest appliance maker has begun construction of its $600 million-manufacturing facility - its third in India - with plans to convert India into a global export hub, hugely underpinning the investor enthusiasm.

LG Electronics India's shares closed 48.2% higher at 1,689.9 rupees, after listing at 1,710.10 rupees - well above the issue price of 1,140 rupees.

The company notched a valuation of around $13 billion, surpassing its $8.73 billion target and the roughly $9 billion market value of its parent LG Electronics 066570.KS.

The IPO was a pure offer-for-sale, with the parent offloading 15% of its stake as it defends its margins in its core TV and appliance businesses from fierce Chinese competition.

Qualified institutional buyers had bid 166.5-fold their quota, while non-institutional and retail investors had subscribed 22.4 times and 3.54 times, respectively.

Institutional investors are unlikely to be satisfied with the current 5 billion–6 billion rupee allocation, Relli said, adding that they will be forced to participate aggressively beyond the listing to achieve reasonable sizing.

At least five brokerages initiated coverage on the firm, with price targets between 1,700 to 1,800 rupees.

($1 = 88.7680 Indian rupees)

(Reporting by Kashish Tandon, Vivek Kumar, Chandini Monnappa and Mridula Kumar; Editing by Janane Venkatraman)

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** India's Tata Capital TATC.NS rises 1.3% to 330.80 rupees, valuing co at 1.40 trillion rupees ($15.77 billion)

** Tata Sons-backed non-bank lender's stock opened at 330 rupees on the National Stock Exchange of India, vs issue price of 326 rupees

** JM Financial starts coverage on TATC with "add" and PT of 360 rupees

** Brokerage says TATC to benefit from Tata group's legacy and also sees co well-placed in terms of cost of funds

** JM Financial also expects TATC's credit costs to gradually decline from H2 FY26 with asset quality improving

** Tata Capital's $1.75 bln IPO got bids worth $2.9 bln last week, with demand largely led by qualified institutional buyers

($1 = 88.7510 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru)

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