Tata Opportunities Fund is likely to sell part of its stake through the Varroc Engineering IPO, while the company will look to raise funds to invest in the business. Photo: iStockphotoMumbai: Tata Opportunities Fund-backed auto components maker Varroc Engineering Ltd plans to go public and has hired investment banks to advise it on the share sale, said two people aware of the development. According to the second person, the proposed IPO could be a mix of a primary fund raising and a secondary share sale. “The company is not in a position to comment on the queries,” said a spokesperson for Varroc Engineering in an email response to queries from Mint. The Varroc group has 37 manufacturing facilities, 12 engineering centres, 13,500 employees and 760 engineering experts in 10 countries, according to the company’s website.

Source: Mint January 07, 2018 17:48 UTC