Tata Sons to sell TCS stake worth $1.25 billion to pay debt

Tata Sons to sell TCS stake worth $1.25 billion to pay debt

Mumbai: Indian software services exporter Tata Consultancy Services Ltd (TCS) on Tuesday witnessed a series of block deals, in which around 25.40 million shares or 1.5% stake of the company changed hands, Bloomberg reported. The company was planning to sell the shares at Rs 2,872 to Rs 2,925 rupees a share, the terms show.

Tata Sons is looking to sell around 2.83 crore shares amounting to about 1.48 per cent stake in TCS and the transaction is likely to be happen this week, the sources added.

In 2017, Tata sold Tata Teleservices Ltd's mobile phone operations to the BSE-listed Bharti Airtel Ltd, and had promised to service the unit's debt. The company will also use the funds to raise its stake in some of its unit in a bid to reduce cross holdings, the person said asking not to be identified as the matter is private.

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Since past year, the conglomerate has been planning to increase its ownership in its largest businesses including Tata Chemicals Ltd. and Tata Steel Ltd. Last year, it boosted its stake in Tata Motors Ltd., the owner of Jaguar Land Rover.

That would be a discount of 4.2 to 5.9 per cent to TCS's Monday closing price of Rs 3,052.15. Citigroup Inc. and Morgan Stanley are the bankers to the sale.

Tata Sons is reportedly planning to use the proceeds to pay debts of units Tata Teleservices and Tata Teleservices Maharashtra. During the day, it slipped 5.49 per cent to Rs 2,884.10.

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