{"id":18974,"date":"2025-10-04T10:10:05","date_gmt":"2025-10-04T04:40:05","guid":{"rendered":"http:\/\/43.205.138.160\/?post_type=article&#038;p=18974"},"modified":"2025-10-04T10:10:05","modified_gmt":"2025-10-04T04:40:05","slug":"subscribe-ipo-tata-capital","status":"publish","type":"article","link":"https:\/\/signalz.pro\/article\/subscribe-ipo-tata-capital\/","title":{"rendered":"Subscribe IPO &#8211; Tata Capital"},"content":{"rendered":"<p>Tata Capital Limited (TCL), a systemically important non-deposit taking NBFC, maintains a leveraged capital structure typical for its sector, with a significant portion funded by debt to support lending operations. The details below are primarily consolidated figures as of March 31, 2025 (from the FY 2024-25 Annual Report), reflecting the merger of Tata Motors Finance Limited (effective May 8, 2025, with appointed date April 1, 2024). Figures are in \u20b9 crore unless stated otherwise. For context, as of September 30, 2024, consolidated tangible net worth was \u20b925,480 crore with a gearing ratio of 6.35 times.<\/p>\n<h3 dir=\"auto\">Key Timeline<\/h3>\n<ul dir=\"auto\">\n<li><strong>Subscription Opens<\/strong>: October 6, 2025<\/li>\n<li><strong>Subscription Closes<\/strong>: October 8, 2025<\/li>\n<li><strong>Listing Date<\/strong>: October 13, 2025 (on BSE and NSE)<\/li>\n<\/ul>\n<h3 dir=\"auto\">Price Band and Investment Details<\/h3>\n<ul dir=\"auto\">\n<li><strong>Price Band<\/strong>: \u20b9310 to \u20b9326 per share (priced below the industry average and a 56% discount from the last unlisted share price to attract investors)<\/li>\n<li><strong>Lot Size<\/strong>: 46 shares<\/li>\n<li><strong>Minimum Investment<\/strong>: \u20b914,260 (for retail investors, based on the lower end of the price band)<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<table>\n<thead>\n<tr>\n<th data-col-size=\"lg\">Component<\/th>\n<th data-col-size=\"xs\">Amount (\u20b9 crore)<\/th>\n<th data-col-size=\"lg\">Key Notes<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td data-col-size=\"lg\"><strong>Authorized Share Capital<\/strong><\/td>\n<td data-col-size=\"xs\">14,000<\/td>\n<td data-col-size=\"lg\">Includes 775 crore equity shares (\u20b97,750 crore at \u20b910 each), plus preference shares (\u20b96,250 crore total).<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"lg\"><strong>Issued, Subscribed, and Paid-up Equity Share Capital<\/strong><\/td>\n<td data-col-size=\"xs\">3,762.44<\/td>\n<td data-col-size=\"lg\">376.24 crore shares of \u20b910 each; increased due to rights issue and merger allotments.<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"lg\"><strong>Paid-up Preference Share Capital<\/strong><\/td>\n<td data-col-size=\"xs\">330.52<\/td>\n<td data-col-size=\"lg\">Cumulative Redeemable Preference Shares (CRPS) of \u20b91,000 each; treated as subordinated liabilities for regulatory purposes.<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"lg\"><strong>Instruments Entirely Equity in Nature<\/strong><\/td>\n<td data-col-size=\"xs\">1,808.00<\/td>\n<td data-col-size=\"lg\">Perpetual instruments under Ind AS 32.<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"lg\"><strong>Total Other Equity (Reserves and Surplus)<\/strong><\/td>\n<td data-col-size=\"xs\">23,458.61<\/td>\n<td data-col-size=\"lg\">Includes securities premium (\u20b95,074.29), special reserves (\u20b94,348.23), retained earnings (\u20b914,430.35), and OCI components (e.g., fair value changes on equity instruments: -\u20b9892.31).<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"lg\"><strong>Total Shareholders&#8217; Funds \/ Net Worth<\/strong><\/td>\n<td data-col-size=\"xs\">27,221.05<\/td>\n<td data-col-size=\"lg\">Attributable to owners; total equity including non-controlling interest: \u20b928,399.88. Regulatory net worth (Tier I + Tier II): \u20b928,779.90.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Debt \/ Borrowings<\/h3>\n<p dir=\"auto\">Total borrowings stood at \u20b9208,414.93 crore, diversified across instruments to manage liquidity and cost. Approximately 58% sourced from top 10 counterparties. Maturity profile: 29% due within 1 year, 67% in 1-5 years, and 4% beyond 5 years.<\/p>\n<table>\n<thead>\n<tr>\n<th data-col-size=\"md\">Category<\/th>\n<th data-col-size=\"sm\">Amount (\u20b9 crore)<\/th>\n<th data-col-size=\"lg\">Composition Breakdown (% of Total Debt as of March 31, 2024)<\/th>\n<th data-col-size=\"lg\">Key Notes<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td data-col-size=\"md\"><strong>Debt Securities<\/strong><\/td>\n<td data-col-size=\"sm\">80,141.57<\/td>\n<td data-col-size=\"lg\">NCDs (secured: ~71%, unsecured: ~3%); Commercial Paper (~7%); Medium-Term Notes (~2%)<\/td>\n<td data-col-size=\"lg\">Includes public and private placements; average maturity up to 34 years.<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"md\"><strong>Other Borrowings<\/strong><\/td>\n<td data-col-size=\"sm\">118,620.40<\/td>\n<td data-col-size=\"lg\">Bank loans (~46%); External Commercial Borrowings (~7%); Inter-Corporate Deposits (negligible)<\/td>\n<td data-col-size=\"lg\">Term loans (secured from banks\/NHB: ~70%); demand loans\/working capital (~5%).<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"md\"><strong>Subordinated Liabilities<\/strong><\/td>\n<td data-col-size=\"sm\">9,652.96<\/td>\n<td data-col-size=\"lg\">Non-convertible debentures (~85%); Perpetual debentures (~12%); CRPS (~3%)<\/td>\n<td data-col-size=\"lg\">Tier-II eligible; enhances CRAR.<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"md\"><strong>Total Borrowings \/ Debt<\/strong><\/td>\n<td data-col-size=\"sm\">208,414.93<\/td>\n<td data-col-size=\"lg\">Bank loans: 46%; NCDs: 34%; CP: 7%; Subordinated: 6%; ECBs: 7%<\/td>\n<td data-col-size=\"lg\">At amortized cost; fair value: \u20b9208,689.13. Excludes trade payables and leases.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h3><strong>Key Ratios<\/strong><\/h3>\n<table>\n<thead>\n<tr>\n<th data-col-size=\"md\">Ratio<\/th>\n<th data-col-size=\"sm\">Value (Consolidated)<\/th>\n<th data-col-size=\"xl\">Notes<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td data-col-size=\"md\"><strong>Debt-Equity Ratio<\/strong><\/td>\n<td data-col-size=\"sm\">~6.08x<\/td>\n<td data-col-size=\"xl\">Total debt \u00f7 total equity; increased post-merger from ~5.12x as of prior year. Standalone: ~5.24x.<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"md\"><strong>Gearing Ratio<\/strong><\/td>\n<td data-col-size=\"sm\">~6.08x<\/td>\n<td data-col-size=\"xl\">Debt \u00f7 equity; expected to remain 5.5-6.5x medium-term. As of Sep 30, 2024: 6.35x.<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"md\"><strong>Capital Adequacy Ratio (CRAR)<\/strong><\/td>\n<td data-col-size=\"sm\">16.91%<\/td>\n<td data-col-size=\"xl\">Tier I: 12.80%; Tier II: 4.11%; on risk-weighted assets of ~\u20b9170,000 crore. Standalone as of Sep 2024: 17%.<\/td>\n<\/tr>\n<tr>\n<td data-col-size=\"md\"><strong>Interest Coverage Ratio<\/strong><\/td>\n<td data-col-size=\"sm\">1.42x (H1 FY25)<\/td>\n<td data-col-size=\"xl\">Down slightly from 1.46x in FY24, indicating ability to service interest.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><strong>Detailed Research Note Attached below:<\/strong><\/p>\n<p><a href=\"http:\/\/43.205.138.160\/wp-content\/uploads\/2025\/10\/Tata_Capital_Ltd_IPO_Note_October_03_2025_Subscribe.pdf\">Tata_Capital_Ltd_IPO_Note_October_03_2025_Subscribe<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"template":"","article-category":[],"article-tags":[],"class_list":["post-18974","article","type-article","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/signalz.pro\/api\/wp\/v2\/article\/18974","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/signalz.pro\/api\/wp\/v2\/article"}],"about":[{"href":"https:\/\/signalz.pro\/api\/wp\/v2\/types\/article"}],"wp:attachment":[{"href":"https:\/\/signalz.pro\/api\/wp\/v2\/media?parent=18974"}],"wp:term":[{"taxonomy":"article-category","embeddable":true,"href":"https:\/\/signalz.pro\/api\/wp\/v2\/article-category?post=18974"},{"taxonomy":"article-tags","embeddable":true,"href":"https:\/\/signalz.pro\/api\/wp\/v2\/article-tags?post=18974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}