A year ago in October, Tata Group had agreed to sell its loss-making mobile telephony business to Bharti Airtel on "a debt-free cash-free basis". 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.
The use of proceeds from the stake sale will be used by Tata Sons to strengthen its solvency position its balance sheet.
The conglomerate has been planning to raise its ownership over time in five of its largest businesses including Tata Chemicals Ltd. and Tata Steel Ltd., Bloomberg News reported previous year. Last year, it boosted its stake in Tata Motors.
Kirk Cousins pens emotional letter to Redskins fans
Cousins initially tagged the Vikings and the Jets at the bottom of the letter, but swiftly removed any reference to his suitors. Cousins had mentioned in an interview that he would "love it" if the Denver Broncos are interested in him, which they are.
Citigroup Inc. and Morgan Stanley are arranging the offering of Tata Consultancy stock, according to Monday's terms. This is lower than Monday's close of Rs 3,052.15 on the National Stock Exchange. During the day, it slipped 5.49 per cent to Rs 2,884.10.
In addition, the holding company is seeking a $1.5 billion offshore syndicated loan, to pay down expensive debt at its telecommunications unit.