India's Tata Sons board backs IPO, reappointment of chairman Chandrasekaran

The board of India's Tata Sons has approved a public listing for the company, after it renewed the appointment of Chairman N Chandrasekaran for another five-year term. Meanwhile, India's National Stock Exchange (NSE) opened subscription for its US$2.3 billion IPO today, in what would be one of the biggest public listings in the country ever. The issue was subscribed 36% today and is expected to start trading on the BSE next week. The NSE is India's biggest stock exchange in trading volume and revenue. Rebecca Bundhun reports from Mumbai.