TPG sells 2.1% in Tata Technologies for ₹638 crore

Private equity firm TPG on Wednesday trimmed its holding in Tata Technologies by selling a 2.1% stake in the company for ₹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% 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 ₹749.10 apiece, taking the deal value to ₹637.97 crore.

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

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

Shares of Tata Technologies fell 1.02% to close at ₹759.65 apiece on the BSE.

In April, TPG divested a 3.9% stake in Tata Technologies for ₹1,068 crore. Prior to that, the US-based investment firm divested a 3% stake in Tata Tech for ₹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% stake, in financial services company Choice International for ₹77 crore through an open market transaction.

The shares were purchased at an average price of ₹705.2 apiece, taking the deal value to ₹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% from 2%.

The scrip of Choice International rose 0.07% to settle at ₹705.85 apiece on the BSE.