Tata Group seeks RBI waiver from itemizing NBFC

Tata Group has sought a proper waiver from the central financial institution to keep away from itemizing Tata Sons, its holding firm and non-banking finance agency, on inventory exchanges, Bloomberg Information reported on Friday, citing individuals aware of the matter.

In searching for the waiver, Tata advised the central financial institution it has used the proceeds from promoting $1.1 billion price of shares in Tata Consultancy Providers final month to repay loans to international and native lenders, the information company reported.

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Tata Sons’ borrowings stood at ₹202.74 billion ($2.43 billion) as of March 31, 2023. If it is ready to decrease its debt to beneath 1 billion rupees, it may stop to be categorised as an upper-layer NBFC by the RBI and keep away from itemizing.

Tata Group and the RBI didn’t instantly reply to Reuters’ requests for remark.

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Tata Sons have to be listed on or earlier than September 2025 to stick to an RBI regulation that giant non-banking finance firms (NBFCs) checklist their shares inside three years.