Tata Technologies has sought approval from markets regulator SEBI for an initial public offering (IPO) in which its parent carmaker Tata Motors and other investors will sell as many as 95.7 million shares.

The initial sale in the engineering unit of luxury carmaker Jaguar Land Rover’s owner will comprise a 23.6 per cent stake, according to a filing. Tata Motors is selling as many as 81.1 million shares, or a 20 per cent stake. Alpha TC Holdings and and Tata Capital Growth Fund I are the other investors selling shares in the IPO.

Tata Technologies, which counts Airbus SE, McLaren, Honda Motor and Ford Motor among its clients apart from Tata Motors and JLR, isn’t selling any new shares in the IPO. JM Financial, Citigroup Global Markets India and BofA Securities India will manage the share sale.      

This is the second IPO proposed by the Tata Group since it listed Tata Consultancy Services in 2004. Satellite television operator Tata Play submitted a pre-filed draft red herring prospectus in December.