TPG Rise Climate offloads 3% stake in Tata Technologies

28 Aug 2024 , 02:45 PM

TPG Rise Climate, TPG’s dedicated climate investing arm, sold one-third of its stake in Tata Technologies for ₹1,230 Crore. The fund sold 1.2 Crore shares on the BSE at an average price of ₹1,014.16 each. At the conclusion of the June quarter, TPG Rise Climate SF Pte. Ltd owned 9% of the firm.

TPG, a climate-focused private equity company, purchased a 9% investment in Tata Technologies from Tata Motors for ₹1,467 Crore a month before its IPO.

Copthall Mauritius Investment Ltd purchased about 1% share for ₹406 Crore, while Ghisallo Master Fund bought 0.80% ownership for ₹316 Crore.

Tata Technologies’ shares debuted on Dalal Street on November 30, 2023. The stock more than doubled on its first day of trading, setting a record for any IPO of its size. However, the stock’s excitement was short-lived, as it fell roughly 17% from its listing day high. Tata Technologies, in particular, is one of the Tata Group’s worst-performing companies, having fallen 7% year to date.

Tata Technologies generates over 70% of its revenue from the automotive industry, with Tata Motors and JLR as prominent clients, and Vietnam’s Vinfast emerging as a big customer. In fiscal year 24, the company generated 64% of its income from abroad, with the remaining coming from India.

At around 2.31 PM, Tata Technologies was trading 0.99% lower at ₹1,088.95 per piece, against the previous close of ₹1,099.40 on NSE. The counter touched an intraday high and low of ₹1,115, and ₹1,075.30, respectively.

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