Months after Tata Sons sought exemption from being listed on the stock exchanges it has emerged that the Tata Group holding company may eventually have to debut on D-Street. This comes after the Reserve Bank of India (RBI) rejected the companys request for exemption from mandatory listing. RBI Denies Tata Sons Exemption Request According to reports by ET NOW the RBI has turned down Tata Sons appeal to be exempted from the listing requirement for upper layer Non-Banking Financial Companies (NBFCs). The central bank has clearly communicated that no special dispensation will be granted. As per RBI regulations Tata Sons is now required to be listed on stock exchanges by September 2025. While there is no official statement from the regulator yet the same report suggests that the Tatas are reluctant to allow Tata Sons to get listed. Who Owns Tata Sons? Tata Sons is the holding company for the Tata Group and has multiple cross-holdings within the conglomerate. Nearly 65.2% of Tata Sons is owned by six trusts including Sir Dorabji Tata Trust – 28% Sir Ratan Tata Trust – 23.6% JRD Tata Trust – 4% Tata Social Welfare Trust – 3.7% Tata Education Trust – 3.7% RD Tata Trust – 2.2% In addition to the trusts the Mistry family holds a significant 18.4% stake in Tata Sons. Seven other listed Tata Group companies also have stakes in Tata Sons including Tata Steel – 3.1% Tata Motors – 3.1% Tata Chemicals – 2.5% Tata Power – 1.7% Indian Hotels – 1.1% Tata Consumer – 0.4% Tata Investment Corp – 0.1% Together other Tata companies own around 4.4% of Tata Sons. Tata Sons Holdings in Tata Group Companies Tata Sons holds shares in around 14 listed Tata Group companies with its stakes ranging between 14% to 72%. The company’s largest holding is in Tata Consultancy Services (TCS) one of Indias largest companies by market cap. Other significant holdings include Tata Investment Corp – 68.51% Tata Elxsi – 42.22% In addition to listed entities Tata Sons also has stakes in several unlisted businesses and joint ventures including Air India Vistara Tata Advanced Systems Tata Digital Tata Capital and Tata Electronics among others. Tata Sons is financially robust with zero debt on its balance sheet and cash reserves (including mutual fund investments) of ₹3042 crore. Valuation of Tata Sons If we assess Tata Sons based on its holdings in listed companies its stake is valued at approximately Rs 1628316 crore. However since Tata Sons is a holding company a holding company discount is typically applied. Based on various discount rates the companys valuation would be at 40% discount: ₹976990 crore At 50% discount: ₹814158 crore At 60% discount: ₹651326 crore Tata Sons Financial Performance Tata Sons asset size has increased from ₹135676 crore in FY23 to ₹149451 crore in FY24. Its revenue grew from ₹35059 crore in FY23 to ₹43893 crore in FY24. Additionally the company managed to reduce its total expenses from ₹3795 crore in FY23 to ₹2777 crore in FY24.