Tata Sons To Offload TCS shares Worth $1.25 Billion

Tata Consultancy shares were offered at 2,872 rupees to 2,925 rupees each according to terms for the deal obtained by Bloomberg earlier

Mumbai: Tata Sons on Tuesday sold around 3.13 crore shares of Tata Consultancy Services (TCS) through open market transactions, raising almost Rs 9,000 crore. It sold about 31.3 million shares, after originally offering 28.3 million shares to investors, one of the people said.

Shares in Tata Consultancy Services fell 5.4 percent. The company plans to sell the shares at between Rs2,872 to Rs2,925 a share, the terms show.

The use of proceeds from the stake sale will be used by Tata Sons to strengthen its solvency position its balance sheet.

Tata Sons on Tuesday sold shares valued at almost Rs 9,000 crore in TCS through open market transactions.

It will also use the funds to raise its holdings in some listed units, the person said.

When contacted, Tata Sons declined to comment.

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Tata Sons is expected to use these funds for other group activities, including debt reduction goal.

Since previous year, the conglomerate has been planning to increase its ownership in its largest businesses including Tata Chemicals Ltd. and Tata Steel Ltd. The stake sell shall take place through the stock exchanges between March 13 and March 15.

Citigroup and Morgan Stanley managed the offering.

Consumer price index (CPI) or retail inflation eased to 4.44 per cent in the month of February 2018, from 5.05 per cent in January 2018, slightly in line with analysts expectations.

The holding company is also seeking a $1.5 billion offshore syndicated loan, as it seeks to pay down expensive debt at its telecommunications unit, people familiar with the matter told Bloomberg last week.

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