Private equity firm TPG sells 2.1% stake in Tata Technologies for Rs 638 cr

New Delhi:  Private equity firm TPG on Wednesday trimmed its holding in Tata Technologies by selling a 2.1 per cent stake in the company for Rs 638 crore through an open market transaction.

US-based TPG through its affiliate TPG Rise Climate SF sold 85.16 lakh shares, representing a 2.1 per cent stake in Tata Technologies, which provides engineering and product development digital services, as per the bulk deal data available on the BSE.

The shares were disposed of at an average price of Rs 749.10 apiece, taking the deal value to Rs 637.97 crore.

With the stake sale, the shareholding of TPG Rise Climate SF in Tata Technologies came down to about 3.91 per cent from 6.01 per cent.

Details of the buyers of Tata Technologies' shares could not be ascertained on the exchange.

Shares of Tata Technologies fell 1.02 per cent to close at Rs 759.65 apiece on the BSE.

In April, TPG divested a 3.9 per cent stake in Tata Technologies for Rs 1,068 crore. Prior to that, the US-based investment firm divested a 3 per cent stake in Tata Tech for Rs 1,230 crore in August last year.

In a separate block deal on the BSE, Paris-based Societe Generale bought 11 lakh shares, or 0.55 per cent stake, in financial services company Choice International for Rs 77 crore through an open market transaction.

The shares were purchased at an average price of Rs 705.2 apiece, taking the deal value to Rs 77.57 crore.

Meanwhile, BNP Paribas' investment arm offloaded the same number of shares at the same price.

After the share sale, BNP Paribas stake in Choice International dipped to 1.45 per cent from 2 per cent.

The scrip of Choice International rose 0.07 per cent to settle at Rs 705.85 apiece on the BSE.