Tata Technologies' shares were rising on Friday after a major private equity firm reportedly sold its stake in the company.

What Happened: Alpha Tc Holdings sold its stake in the Tata Group firm in a block deal, CNBC Awaaz reported. About 1.2 crore shares, representing 2.9% of Tata Technologies’ total equity, reportedly changed hands.

The Singapore-based firm sold 75 lakh shares in the range of ₹1,010-₹1,020 per share. Domestic funds and high net worth individuals (HNIs) likely bought the shares in the transaction, with ICICI Securities reportedly facilitating as the broker of the deal.

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Alpha Tc held 4.34% of the company at the end of June 30, as per shareholding data available in the exchanges. The stake sale comes nearly nine months after the company made its debut in the bourses in November.

Earlier this month, the Chhattisgarh Government terminated its memorandum of agreement (MoA) with Tata Technologies, marking the end of a project.

Under the project, Tata Technologies was the primary industry partner for enhancing 36 industrial training institutes as centres of excellence (CoE) in Chhattisgarh.

Price Action: Tata Technologies gained 2.46% to trade at ₹1,031.95 on Friday.

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