Tata Capital raises Rs.1,500-Cr from IFC via rights issue

Mumbai-headquartered Tata Capital (TCL) , the financial services arm of the Tata Group, has raised INR 1,500 crore via a pre-IPO rights issue.Tata Sons, which owns 93% stake in the company, has subscribed to its entire entitlement. Other small shareholders, including International Finance Corporation (IFC), have also subscribed to the issue, which has been launched ahead of the company’s planned listing by September this year. The company will use the proceeds for further lending and for improving its leverage ratios.