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

Singapore-based Alpha TC Holdings sold a 2.4% stake in Tata Technologies for Rs 1,004 crore through an open market transaction. The sold shares amounted to 99,10,136 at an average price of Rs 1,013.91 apiece. Post-transaction, Alpha TC Holdings' stake in Tata Technologies is now reduced to 1.9% from 4.34%.

Singapore-based Alpha TC Holdings has significantly reduced its stake in Tata Technologies, selling 2.4% for Rs 1,004 crore in an open market transaction. The bulk deal data on the BSE shows that Alpha TC Holdings sold 99,10,136 shares, managing to secure an average price of Rs 1,013.91 per share.

As a result of this sale, Alpha TC Holdings' stake in Tata Technologies has declined to 1.9% from its previous 4.34%. While the details of the buyers remain undisclosed, the market reaction was positive. On Friday, Tata Technologies' shares rose 2.85%, closing at Rs 1,036.80 apiece on the BSE.

In other news, Tata Technologies recently reported a 15.4% decline in consolidated profit after tax for the June 2024 quarter, citing increased expenses. The company's consolidated revenue stood at Rs 1,268.97 crore for the quarter, seeing a slight increase from Rs 1,257.53 crore in the same period last year. Notably, Tata Technologies made a remarkable stock market debut in November last year, with its IPO being the first from the Tata Group in nearly two decades, marking a significant moment for the conglomerate.

(With inputs from agencies.)