Tata Sons Ltd, the holding company for India's biggest business group is selling around 1.48 percent of its stake in software services provider Tata Consultancy Ltd worth $1.25 billion, reportedly to pay-off debts. Tata Sons' move to sell over 28 million shares of TCS comes nearly 10 months after it received Rs 11,722 crore by participating in the software major's share buyback programme.
TCS fell 4.84% to Rs 2,904 at 9:46 IST on BSE after media reported that Tata Sons will sell about 1.5% stake in TCS through the stock exchanges between 13 and 15 March 2018.
According to sources, Tata Sons will use the proceeds of the share sale to repay loans of Tata Teleservices. Last year, Tata had sold off the Tata Teleservices Ltd.'s mobile-phone operations to Bharti Airtel Ltd.to raise funds for creditors as well. The price range represents a 4.2 percent to 5.9 percent discount to its last close.
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Some part of the proceeds will also be used to reduce the cross-holdings of different companies in the Tata group.
Recently, Indian Hotels and Company Ltd had announced that Tata Sons will be acquiring up to 6.64 per cent shares of the company from three promoter entities as part of restructuring the investment portfolio. After the block deal, Tata Sons will hold about 73% in TCS, which generated $18 billion in revenues in fiscal 2017.