AZB advises Tata Tech on sale of 13 percent stake for Rs 141 crore to Alpha TC TCGF

Tata Technologies, an engineering solutions and IT product developer, has raised about Rs. 141 crore ($30 million) by selling 13.04 per cent equity stake to Mizuho Securities-backed Alpha TC Holdings Pte and group private firm Tata Capital Growth Fund I (TCGF 1)..The investment represents a 13.04 per cent equity stake on fully diluted basis, said a release from Tata Technologies..The Mumbai offices of AZB & Partners advised Tata Technologies with a team led by Partner Vishnu Jerome..“With this investment, we will continue to aggressively grow our business and provide our customers with better, more innovative products”, said Patrick McGoldrick, Tata Technologies Managing Director and CEO in the press release..Tata Technologies – subisidiary of Tata Motors Ltd operates in the fields of Vehicle Program Development, Engineering Services Outsourcing, Product Development IT and PLM for the automotive and aerospace manufacturers and their suppliers across the globe..Alpha TC is wholly-owned subsidiary of the partnership sponsored by Mizuho Securities and other international investors. TCGF I is sponsored by Tata Capital and is established as an irrevocable trust under the Indian Trusts Act, 1882, and registered with the SEBI as a venture capital fund..Alpha TC and Tata Capital Growth I, specialize in investing in mid-sized companies within India that are market segment leaders which demonstrate high growth potential..Dealcurry reports, according to the annual reports, the Tata Technologies revenues have doubled from Rs. 545 crore to Rs.1098 crore over the last five years and the PAT has grown from Rs. 11 crore to Rs. 91 crore over the same period..VCCircle reports, Tata Motors held around 81 per cent in Tata Technologies as of March, 2010, and its holding is estimated to whittle down to around 70 per cent post fund-raising.