Warburg Pincus, a global private equity firm, is set to acquire 43% stake in Tata Technologies for USD 360 million, which will witness part-exit by Tata Motors in the engineering and design company.
Tata Capital will be divesting its full 13% stake held by Alpha TC Holdings and Tata Growth Fund, whereas Tata Motors will be selling 30% to bring its holdings to 43%.
Tata Technologies is a global engineering services and product development IT company, which employs over 8,500 in 23 countries. It provides services for advanced engineering, R&D, and connected IT solutions.
The share of Tata Motors on the NSE was trading higher by over 1% at Rs 452.95 per share at 1135 hours. It has given negative returns of 0.3% during a period of one year and has underperformed the BSE Sensex and BSE Auto indices.
Stock view:
Tata Motors Ltd is currently trading at Rs 453.4, up by Rs 4.95 or 1.1% from its previous closing of Rs 448.45 on the BSE.
The scrip opened at Rs 455.4 and has touched a high and low of Rs 456.85 and Rs 452.25 respectively. So far 2740156(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 143393.22 crore.
The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 598.6 on 07-Sep-2016 and a 52 week low of Rs 417.1 on 08-May-2017. Last one week high and low of the scrip stood at Rs 468 and Rs 447 respectively.
The promoters holding in the company stood at 34.73 % while Institutions and Non-Institutions held 38.71 % and 26.56 % respectively.
The stock is currently trading below its 200 DMA.
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