Mumbai: Shares of Tata Chemicals rose as much as 6.4% intraday on Thursday after the Reserve Bank of India's final guidelines on parameters to classify upper layer NBFCs raised expectations of a potential listing of Tata Sons.Tata Chemicals, which holds a 2.5-3% stake in the group's holding company, could see meaningful value unlocking if such a listing materialises, analysts said.The stock ended 2.5% higher at ₹746.20, while the benchmark Nifty 50 and the broader Nifty 500 index closed marginally higher.The RBI on Wednesday said upper-layer NBFCs will comprise entities with an asset size of ₹1 lakh crore and above, with a mandate to list on stock exchanges unless fully government-owned."Tata Sons could be valued at around ₹10-15 lakh crore in the unlisted market. Given Tata Chemicals' 2.5% stake, even after applying a holding company discount of 50-60%, a potential listing of Tata Sons could translate into an incremental ₹12,000-13,000 crore in market capitalisation for Tata Chemicals," said Sunny Agrawal, Head of Research at SBI Securities.At present, the stake is reflected at book value on Tata Chemicals' balance sheet and would be marked to fair value in the event of a listing. The company's market capitalisation stood at ₹18,979.3 crore as of Thursday's close.