Tata Group stocks rallied sharply, gaining up to 14% on Thursday afternoon after Tata Sons approved a fresh five-year extension for Chairman N Chandrasekaran’s tenure and set the ball rolling for the much-awaited IPO of the group holding company.
The Tata Sons board approved the extension as the group holding company prepares for an IPO that it has long resisted, people familiar with the matter told The Economic Times. Tata Trusts, which together hold a majority stake in the company, may, however, challenge Chandrasekaran’s reappointment as chairman, the sources further said.
