RBI Said to Reject Tata Sons Request to Avoid a Public Listing

India’s central bank has rejected an application from Tata Sons Pvt. to surrender its status as a shadow lender, according to people familiar with the matter, implying it expects the...

By P R Sanjai and Baiju Kalesh · Bloomberg Markets

India’s central bank has rejected an application from Tata Sons Pvt. to surrender its status as a shadow lender, according to people familiar with the matter, implying it expects the company to adhere with rules for such entities that include an initial public offering.