TPG trims stake in Tata Technologies with Rs 638 crore share sale; BNP Paribas exits part of Choice International holding
Private equity major TPG on Wednesday pared its stake in Tata Technologies by 2.1 per cent, selling shares worth Rs 638 crore through an open market transaction.
According to bulk deal data on the BSE, TPG Rise Climate SF, an affiliate of the U.S.-based
investment firm, sold 85.16 lakh shares in Tata Technologies at an average price of Rs 749.10 apiece.
The transaction amounts to Rs 637.97 crore, PTI reported.
Following this sale, TPG Rise Climate SF's stake in Tata Technologies decreased from 6.01 per cent to 3.91 per cent. The identity of the buyers could not be immediately confirmed.
Shares of Tata Technologies, which offers engineering and product development digital services, declined 1.02 per cent to close at Rs 759.65 on the BSE.
This marks TPG's third divestment in Tata Technologies in the past year. In April, the firm sold a 3.9 per cent stake for Rs 1,068 crore, and in August last year, it offloaded 3 per cent for Rs 1,230 crore.
In a separate BSE block deal on Wednesday, Societe Generale, based in Paris, acquired 11 lakh shares (0.55 per cent) of Choice International for approximately Rs 77 crore, at an average price of Rs 705.2 per share.
The seller in this transaction was BNP Paribas' investment arm, which offloaded the exact number of shares at the same price. BNP Paribas' holding in Choice International declined from 2 per cent to 1.45 per cent post-sale.
Shares of Choice International ended 0.07 per cent higher at Rs 705.85 apiece.
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