IFC set to book multibagger gains in Tata Capital IPO
Following a merger of TCCL with Tata Capital, IFC now holds 7.16 crore shares, or about 1.8 per cent in the parent NBFC
image for illustrative purpose
NEW DELHI: The International Finance Corporation (IFC) is set to pocket hefty returns from Tata Capital’s upcoming $ 2 billion (Rs 17,000 crore) initial public offering, as the World Bank Group arm looks to trim its stake in the non-banking finance company. The IFC will offload 3.58 crore shares in the offering, exiting part of an early bet on Tata Capital’s cleantech business made in 2011, according to the updated draft red herring prospectus (DRHP).
Tata Capital is likely to launch its $2 billion initial public offering (IPO) in the first half of October after the Reserve Bank of India (RBI) granted an extension to list its shares on bourses, people familiar with the matter said. Earlier, the non-banking finance company was given time till September 30 to list on stock exchanges. I
FC, the World Bank Group’s private sector arm, partnered with Tata Capital in 2011 to set up Tata Cleantech Capital Ltd (TCCL), with the mandate to finance renewable and sustainable infrastructure projects.
At the time, clean energy in India was still regarded as a subsidy-reliant sector. Over the past decade, TCCL has emerged as a key green financier, backing over 500 renewable projects across solar, wind, biomass, small hydro, water treatment, and electric mobility.
Further, the company has sanctioned more than 22,400 MW of clean energy capacity and built one of the most comprehensive cleantech portfolios in the country. By FY25, the cleantech and infrastructure finance loan book had crossed Rs18,000 crore, growing at a CAGR of nearly 32 per cent over the last two years, draft papers showed.
