Tata Sons To Offload TCS shares Worth $1.25 Billion

Share

According to media reports, Tata Sons, which held 73.52% stake in TCS (as on 31 December 2017), will sell around 2.82 crore shares of the IT major at between Rs 2,872 to Rs 2,925 a share.

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.

Kagiso Rabada suspended for rest of series against Australia
It was a near-replica of Elgar's dismissal to the off-spinner in the first innings of the first Test in Durban. Rabada's early blitz ensured Australia , 180-5 overnight, didn't get too much more in its second innings at St.

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.

Tata Sons plans to use the money it raises to pay lenders to the company's subsidiary Tata Teleservices and raise stake in some other units, unidentified people told the news outlet.

Share