PE Fund Investments
TPG Growth to buy 9% stake in Tata Tech for Rs.1,467-Cr
TPG Rise Climate is to acquire a 9% stake in Pune-headquartered Engineering Services BPO firm Tata Technologies for about INR 1,467 crore, from the target company's parent firm, the publicly listed Tata Motors. The pre-IPO transaction will simultaneously involve Ratan Tata Endowment Foundation buying another 0.9% from Tata Motors. TPG Rise Climate had earlier invested USD 1 Billion in Tata Passenger Electric Mobility. Tata Technologies plans to launch an IPO that comprises an offer for sale (OFS) of 95,708,984 equity shares for cash. Under the OFS, Tata Motors will offload 8.11 crore shares. Tata Motors currently holds a 74.69% stake in the company. Other selling shareholders include Alpha TC Holdings (a unit of Tata Capital Growth Fund).
From the Venture Intelligence PE-VC Deal Database: In May-11, Tata Capital Growth Fund had invested INR 141 Cr in Tata Technologies. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
Want to receive such news items in your inbox? Click Here to sign up for a trial.
