Tata Sons Plans To Offload 23.4 Million Shares In TCS To Raise $1.1 Billion
By : Vidya J S
Tata Sons holds a 72.4% stake in TCS as of December 31.
India’s Tata Sons, the holding arm of Tata Group, plans to sell shares in Tata Consultancy Services (TCS) worth up to 93.62 billion rupees ($1.13 billion) on Tuesday, a term sheet showed. Tata Sons plans to offload 23.4 million shares in the country’s top IT services provider, representing 0.65% of TCS’ outstanding shareholding, according to the term sheet. It holds a 72.4% stake in TCS as of Dec. 31, according to exchange data. The stake sale comes as domestic stock markets hover at record highs, with TCS and the blue-chip Nifty 50 index, of which it is a part, hitting 10 and 15 record highs this year, respectively. TCS shares will be sold at a floor price of 4,001 rupees apiece, a 3.7% discount to its Monday closing price of 4,152.5 rupees.
