Tata Sons-backed Tata Capital files for IPO

Tata Capital has filed for an initial public offering, draft papers showed on Monday. 

The Tata Sons-backed financial services company will issue up to 210 million new shares, while existing shareholders will offload up to 265.8 million shares. 

Tata Sons plans to sell up to 230 million shares in the offering, while International Finance Corporation proposes to sell up to 35.8 million shares. 

Proceeds from the fresh issue will be used to meet the company's future capital requirements including onward lending.  

Kotak Mahindra Capital, BNP Paribas, Citigroup Global Markets are among the bookrunning lead managers of the offering.