October 14, 2023
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Tata Motors Offloads 9.9% In Tata Technologies Ahead of IPO
Tata Motors announced its decision to sell a 9.9% stake in Tata Technologies to TPG Rise Climate SF Pte. Ltd, a climate-focused private equity fund, and Ratan Tata Endowment Foundation.
Why it matters? This sale values Tata Technologies at ?16,300 crore. TPG, which previously invested in Tata Motors’ electric vehicle segment, will acquire 9% of Tata Technologies. In contrast, the Ratan Tata Endowment Fund will purchase the remaining 0.9%.
Tata Motors will receive Rs 1,467 crore from TPG for its 9% stake, while the Ratan Tata Endowment Fund will contribute Rs 146.7 crore for its share. The companies expect to finalize this transaction by October 27, 2023.
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