Former Tata Technologies CEO McGoldrick Sells Shares Worth Rs 165 Crore

New Delhi: Patrick Raymon McGoldrick, former CEO and Managing Director of Tata Technologies, has pared his stake in the company by selling shares worth nearly Rs 165 crore through block deals on the BSE.

McGoldrick offloaded 21 lakh shares in four tranches on Friday, representing a 0.51 per cent stake in the Pune-based global product engineering and digital services firm.

The shares were sold at an average price of Rs 785 apiece, taking the aggregate value of the transaction to Rs 164.85 crore.

Following the sale, McGoldrick’s shareholding in Tata Technologies declined to 0.62 per cent from 1.13 per cent.

McGoldrick retired as CEO and MD of Tata Technologies in September 2014 after serving 20 years with the company.

According to Patrick McGoldrick’s LinkedIn profile, he is currently an Executive Director at RNT Associates International Pte Ltd, a Ratan Tata company that provides advisory services and invests in companies with breakthrough technologies and business models.

McGoldrick, who propelled the Tata Group to establish the engineering services company, was succeeded by Warren Harris in November 2017.

The shares were acquired by ICICI Prudential Mutual Fund (MF), Kotak Mahindra MF, 360 One Asset Management, and Carnelian Asset Management & Advisors, with the buyers collectively picking up an equal number of shares at the same price.

Shares of Tata Technologies settled 0.59 per cent lower on Friday at Rs 799.85 apiece on the BSE.

The transaction comes months after Tata Technologies reported an 8 per cent rise in consolidated net profit to Rs 204.17 crore for the March quarter, compared with Rs 188.87 crore in the year-ago period.

Its consolidated revenue from operations rose to Rs 1,572.22 crore during the fourth quarter from Rs 1,285.65 crore a year earlier, according to a regulatory filing.

For FY26, the company’s consolidated net profit was at Rs 546.59 crore as compared to Rs 676.95 crore in FY25.

Its consolidated revenue from operations in FY26 stood at Rs 5,505.57 crore as against Rs 5,168.45 crore in FY25, the company said.

Tata Technologies, which made a blockbuster stock market debut in November 2023, making it Tata Group’s first public offering in nearly two decades, had listed at a massive premium and ended its maiden trading session with gains of nearly 163 per cent over its issue price.

Incorporated in 1994, the Tata Motors entity offers turnkey solutions to global original equipment manufacturers and their tier-I suppliers across the globe.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)