New Delhi, July 21 -- Tata Group company Tata Capital Ltd is moving closer to going public. Tata Capital has filed updated draft red herring prospectus (UDRHP) with capital market regulator Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).

As per reports, submitting offer documents prior to filing is an optional alternative approach for conducting an Initial Public Offering on the mainboard. Under SEBI regulations, firms looking to launch an IPO on the mainboard are required to "pre-file" the offer document with SEBI.

According to the updated draft red herring prospectus, the Tata Capital IPO includes both a fresh issuance and an offer for sale. The non-banking financial company (NBFC) will have Tata S...