Mumbai: Former Tata Technologies CEO and Managing Director Patrick Raymon McGoldrick has sold shares worth nearly Rs 165 crore in the company through block deals on the BSE.
McGoldrick sold 21 lakh shares in four tranches on Friday, representing a 0.51% stake in the Pune-based product engineering and digital services company.
Shares Sold At Rs 785 Apiece
The shares were sold at an average price of Rs 785 apiece, taking the total transaction value to Rs 164.85 crore.
Following the transaction, McGoldrick’s shareholding in Tata Technologies declined to 0.62% from 1.13%.
McGoldrick retired as CEO and MD of Tata Technologies in September 2014 after spending around 20 years with the company. He currently serves as Executive Director at RNT Associates International Pte Ltd.
Mutual Funds Pick Up Shares
The shares sold by McGoldrick were acquired by ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, 360 One Asset Management and Carnelian Asset Management & Advisors.
The buyers collectively purchased an equal number of shares at the same price.
Tata Technologies shares ended Friday’s session 0.59% lower at Rs 799.85 apiece on the BSE.
Tata Technologies Financial Performance
The stake sale comes after Tata Technologies reported an 8% rise in consolidated net profit to Rs 204.17 crore for the March quarter, compared with Rs 188.87 crore in the corresponding period a year earlier.
Consolidated revenue from operations increased to Rs 1,572.22 crore from Rs 1,285.65 crore.
For FY26, however, consolidated net profit declined to Rs 546.59 crore from Rs 676.95 crore in FY25. Revenue from operations increased to Rs 5,505.57 crore from Rs 5,168.45 crore.
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Tata Technologies made its stock market debut in November 2023, marking the Tata Group’s first IPO in nearly two decades. The stock ended its debut session nearly 163% above its issue price.
Established in 1994, Tata Technologies provides product engineering, digital services and turnkey solutions to global automobile manufacturers and their suppliers.
