Tata Capital IPO, June 21 -- Capital market regulator Securities and Exchange Board of India (Sebi) has approved the draft papers for the initial public offering (IPO) of Tata Capital, the non-banking financial company (NBFC) subsidiary of Tata Sons, a report said.

Sebi has cleared the NBFC's draft papers for the public issue, which were filed through the confidential route, Economic Times reported, quoting two people familiar with the development.

It was earlier reported that the Tata Capital IPO DRHP was filed through the confidential route with the regulator on April 5.

With Sebi clearing the DRHP, the proposed Rs.17,200-crore Tata Capital IPO moves a step closer to launch. Following Sebi's approval, Tata Capital is expected to file...