TATA SONS IN VERY EARLY TALKS WITH SOME BANKS TO EXPLORE POSSIBLE STEPS TOWARDS LISTING - ETNOW

Preliminary discussions with banks to test waters on the listing matter Start of formal process to list shares will depend on approval from Tata Sons board and AGM Sep. 17: Tata Sons board resolved to initiate steps to comply with applicable RBI norms RBI, last month, rejected Tata Sons application to surrender CIC certificate of registration Tata Trusts led by Chairman Noel Tata opposed Tata Sons move to initiate listing Sep. 17: Trusts said it is in favour "to explore options other than listing" On Sep. 17 Tata Sons board meet, Noel Tata voted against proposal to initiate steps towards listing RBI June norms set 100,000 crore and above asset size criterion for upper layer NBFCs Tata Sons is treated as an upper layer NBFC, according to RBI rules, which stipulate upper layer NBFCs to list shares on exchanges Tata Sons, Tata Trusts didn't reply to separate ET NOW queries seeking comment on the matter

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