Tata Sons Sells TCS Stake Worth $1.25 Billion, TCS Shares Tank 6%

Tata Sons Sells TCS Stake Worth $1.25 Billion, TCS Shares Tank 6%

In the bargain, the share price of the fastest growing IT services brand in the world - according to leading brand valuation firm, Brand Finance - cracked over 5% in the morning trade.

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.

At 10.40 am, shares of TCS were down 4.8% at Rs 2,905.80 on the National Stock Exchange.

Kid Rock entering the WWE Hall of Fame
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According to Bloomberg, Tata Sons was offering 28.27 million shares of Asia's largest software developer after the market closed on Monday, planning to sell the shares between Rs 2,872 to Rs 2,925 a share. The price range represents a 4.2 percent to 5.9 percent discount to its last close. Around 3.99 crore shares were traded in the counter on the NSE so far compared with average daily volumes of 12.37 lakh shares in the past one quarter. 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 proceeds from the TCS sale might be used to clear some of this debt. The plan is to reduce the considerable debt obligations in the wireless telecom units - Tata Teleservices and Tata Teleservices (Maharashtra) - and to spruce up equity interests in key Tata group companies. The $1.5 billion six-year loan is set to be the first offshore syndicated facility taken out by Tata Sons since 2007. Tata Steel is reportedly the highest bidder for both bankrupt companies with a total debt of Rs 60,000 crore.

Tata Sons had 73.5% stake in the software company at the end of December 2017.

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