News ArticleTata Capital Utilizes ₹6,846 Crore IPO Fresh Issue Proceeds Mainly for Debt Repayment and Lending by Q2 2026
CARE Ratings confirms 99.6% utilization aligned with offer document, with ₹29 crore share issue expenses unspent as of September 30, 2026
Tata Capital Limited reports nearly full utilization of ₹6,846 crore fresh IPO proceeds by September 30, 2026, primarily for repayment of borrowings and onward lending, with ₹29 crore remaining unutilized from share issue expenses, as per CARE Ratings' monitoring agency report.
Tata Capital Limited
Legal / Regulatory
Tata Capital Limited's monitoring agency, CARE Ratings Limited, confirmed in their report for the quarter ended September 30, 2026, that the company utilized 99.6% of the ₹6,846 crore raised through its equity public issue mainly for repayment of borrowings and onward lending, with a small portion of ₹29 crore in share issue expenses remaining unutilized.
The company raised a total of ₹15,512 crore in its initial public offering between October 6 and 8, 2025. The fresh issue portion was ₹6,846 crore, with the remainder being an offer for sale of ₹8,666 crore.
As per the monitoring report submitted by CARE Ratings Limited, the fresh issue proceeds were used in line with disclosures in the company's offer document, with no deviations reported.
Specifically, ₹5,200 crore was utilized towards repayment of borrowings, ₹1,497 crore was allocated to onward lending, and ₹149 crore was earmarked for share issue expenses, of which ₹120 crore has been utilized, leaving ₹29 crore unspent as of September 30, 2026.
The report confirms no changes in the means of finance, no material deviations, no impact from statutory approvals, and no events affecting the viability of the usage of funds.
The utilization report was reviewed and taken on record by the Audit Committee and Board of Directors on October 22 and 27, 2026 respectively.
Highlights
- IPO fresh issue amounting to ₹6,846 crore with total IPO size of ₹15,512 crore raised in October 2025.
- ₹5,200 crore spent on repayment of borrowings by September 30, 2026.
- ₹1,497 crore utilized for onward lending during the same period.
- ₹149 crore budgeted for share issue expenses, with ₹29 crore unutilized as of quarter end.
- No deviations from the offer document's stipulated utilization purpose were observed.
- CARE Ratings Limited acted as the monitoring agency and confirmed compliance with SEBI regulations.
Key Data Snapshot
What happened
- Tata Capital Limited utilized 99.6% of the IPO fresh issue proceeds by September 30, 2026.
- The funds raised through the IPO are primarily used for repayment of borrowings and onward lending.
- A small portion of the share issue expenses remained unutilized (₹29 crore).
Key details
- The IPO was conducted from October 6-8, 2025, raising ₹15,512 crore in total, including ₹6,846 crore as fresh issue.
- CARE Ratings Limited is the monitoring agency overseeing utilization of IPO proceeds as per SEBI regulations.
- No deviations from the usage of proceeds as stated in the offer document were observed.
- The Board of Directors reviewed and approved the monitoring agency report in October 2026.
Regulatory and governance context
- The monitoring report complies with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
- CARE Ratings Limited declared no conflicts of interest and conducted the monitoring based on certifications and documents provided by Tata Capital.
- There were no material changes in the means of finance or related government or statutory approvals affecting the project.
Highlights
- IPO fresh issue amounting to ₹6,846 crore with total IPO size of ₹15,512 crore raised in October 2025.
- ₹5,200 crore spent on repayment of borrowings by September 30, 2026.
- ₹1,497 crore utilized for onward lending during the same period.
- ₹149 crore budgeted for share issue expenses, with ₹29 crore unutilized as of quarter end.
- No deviations from the offer document's stipulated utilization purpose were observed.
- CARE Ratings Limited acted as the monitoring agency and confirmed compliance with SEBI regulations.
Disclosures
- SEBI Listing Obligations and Disclosure Requirements Regulations, 2015
- SEBI Issue of Capital and Disclosure Requirements Regulations, 2018
- Companies Act, 2013 Section 2(38)
Tata Sons Private Limited is promoter of Tata Capital Limited.
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