GG News Bureau
Mumbai, 19th March. Tata Sons, the holding company of Tata Group in India, is planning to sell shares in Tata Consultancy Services (TCS) worth up to 93.62 billion rupees ($1.13 billion) on Tuesday, according to a term sheet.
The plan is to sell 23.4 million shares of TCS, which represents 0.65% of the total shares outstanding. As of December 31, Tata Sons holds a 72.4% stake in TCS, based on exchange data.
This move comes as the Indian stock markets are at record highs, with TCS and the Nifty 50 index, in which it is included, reaching new highs this year.
The shares of TCS will be sold at a minimum price of 4,001 rupees each, which is a 3.7% discount from the closing price on Monday.
J.P. Morgan and Citigroup will be the joint bookrunners for this stake sale. Tata Sons and TCS have not responded to requests for comments from Reuters, and Citigroup and J.P. Morgan have declined to comment.
Recently, major shareholders of ITC, Paytm, and Zomato have also sold their stakes in block deals, where more than 500,000 shares are traded in a single transaction.
On Monday, TCS shares closed 1.6% lower amid a general decline in IT stocks.
