Financial services firm Tata Capital is likely to file preliminary papers with markets regulator Sebi to raise USD 2 billion (over Rs 17,000 crore) through an initial public offering (IPO) only after getting final approval from the NCLT for Tata Motors Finance merger with the company, according to sources. At this size, the company is expected to be valued at around USD 11 billion, they said. The final order is awaited from the National Company Law Tribunal (NCLT), which is expected to be closed by the end of this financial year (FY25), sources said. Story continues below this ad An email sent to Tata Capital regarding the filing of draft papers remained unanswered. Tata Capital, identified as an upper-layer non-banking finance company (NBFC) by the Reserve Bank of India (RBI), already received its board approval to float the initial share sale. The proposed IPO would comprise 2.3 crore equity shares by way of a fresh issue and an offer of sale (OFS) by certain existing shareholders, according to a disclosure made to stock exchanges. Apart …