Tata Sons To Offload TCS shares Worth $1.25 Billion
Diversified business group Tata's holding company Tata Sons will sell 1.5 per cent stake in TCS for an amount of almost United States dollars 1.3 billion (Rs 8,500 crore). It sold about 31.3 million shares, after originally offering 28.3 million shares to investors, one of the people said. As per the deal term sheet, Tata Sons, which owned 73.5 percent of TCS as of end-December, would sell the shares in a price range of Rs 2,872 rupees to Rs 2,925 rupees apiece.
Shares of Tata Consultancy, Asia's largest software developer, fell as much as 5.9% in Tuesday trading.
Reports suggested that the promoter sold more than 1.5 percent stake worth close to Rs 10,000 crore at around 5 percent discount to Monday's closing price through block deals in opening trade.
Past year in October, Tata Group had agreed to sell its loss-making mobile telephony business to Bharti Airtel on "a debt-free cash-free basis". A part of the proceeds will be used to raise its holdings in some listed units, the report added. An official at Tata Sons declined to comment on the final pricing.
Since previous year, the conglomerate has been planning to increase its ownership in its largest businesses including Tata Chemicals Ltd. and Tata Steel Ltd. Last week, Tata Sons said that it will buy a 7% stake in group company Indian Hotels for over Rs 1,000 crore on or after March 13, which will increase its stake from 30% to 37% in the hospitality chain.
Citigroup and Morgan Stanley are managing the TCS share sale.
In addition, the holding company is seeking a $1.5 billion offshore syndicated loan, to pay down expensive debt at its telecommunications unit.
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