Alpha TC Holdings Sells 2.4% Stake in Tata Technologies for Rs 1,004 Crore

New Delhi, Aug 23 (PTI) Singapore-based Alpha TC Holdings on Friday pared a 2.4 per cent stake in Tata Technologies for Rs 1,004 crore through an open market transaction.

According to the bulk deal data available on the BSE, Alpha TC Holdings sold 99,10,136 shares, amounting to a 2.44 per cent stake in Tata Technologies, which provides engineering and product development digital services.

The shares were disposed of at an average price of Rs 1,013.91 apiece, taking the transaction value to Rs 1,004.79 crore.

After the latest transaction, Alpha TC Holdings' stake in Tata Technologies has come down to 1.9 per cent from 4.34 per cent.

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

On Friday, shares of Tata Technologies rose 2.85 per cent to end at Rs 1,036.80 apiece on the BSE.

Last month, Tata Technologies reported a 15.4 per cent decline in consolidated profit after tax at Rs 162.03 crore in the June 2024 quarter, impacted by higher expenses.

The company had posted a consolidated profit after tax (PAT) of Rs 191.53 crore in the same quarter last fiscal.

It's consolidated revenue from operations in the first quarter stood at Rs 1,268.97 crore as against Rs 1,257.53 crore in the year-ago period.

Shares of Tata Technologies, an arm of Tata Motors, made its dream stock market debut in November last year, listing with a huge premium of 140 per cent against the issue price of Rs 500.

The Rs 3,042.5 crore initial public offer of Tata Technologies was overall subscribed 69.43 times.

This was the first company from the Tata Group to float an initial public offer (IPO) in nearly two decades. Tata Consultancy Services was the last IPO from the group in 2004.