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Tata Sons to sell TCS stake worth $1.25 billion to pay debt
13 March 2018, 10:04 | Joann Bryant
Tata Sons To Sell Tata Consultancy Stake Worth $1.25 Billion To Repay Debt
In another transaction, around 1.07 crore shares of TCS were offloaded at Rs 2871.19 apiece.
Shares of Tata Consultancy Services (TCS) tanked over 5 per cent on Tuesday on news reports that Tata Sons, the promoter of major operating companies of the Tata group, is planning to raise around Rs 8,200 crore by selling stake in IT major.
Tata Sons, which holds about 74% in TCS, will sell the software biggie's shares at a price between Rs 2,872 and Rs 2,925 apiece.
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Citigroup and Morgan Stanley are managing the TCS share sale. The orders in a block deal are not shown to people who trade from normal trade window. The latter had to shell out $1.2 billion to NTT DoCoMo a year ago in order to settle the long-standing dispute with the Japanese telecom giant after it exited their joint venture in 2013. 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.
Incidentally, just last week Bloomberg had reported that Tata Sons is seeking an offshore syndicated loan to repay debt of units Tata Teleservices and Tata Teleservices Maharashtra.
Tata Steel has emerged as the highest bidder to buy the two companies, which have total debt of Rs 60,000 crore. Post the share sale, Tata Sons' holding in the IT company would be around 72 per cent.
TCS, the top Indian software services exporter, is the second-most valuable company in the country with a market capitalisation of close to $90 billion.
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