The stock had hit a high of Rs 2,929 and a low of Rs 2,885.20 so far during the day.
Diversified business group Tata's holding company Tata Sons will sell 1.5 per cent stake in TCS for an amount of almost United States dollars 1.3 billion (Rs 8,500 crore). Tata Sons' move to sell over 28 million shares of TCS comes nearly 10 months after it received Rs 11,722 crore by participating in the software major's share buyback programme.
For the quarter ended December 31, 2017, Tata Sons, the holding firm of the $100-billion salt-to-software group, held 73.52 per cent stake in TCS. 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. Tata Sons may buy the stakes from other Tata Group affiliates, which would help to reduce cross-shareholdings, according to the person.
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. The selling price range is a 4-6% discount to TCS' Monday closing price of Rs 3,052 on the BSE.
The block deal is expected to be executed tomorrow and Citigroup Global Markets India and Morgan Stanley India are said to be acting as joint placement agents on the placement. Tata Sons plans to use the proceeds to repay debt of units Tata Teleservices and Tata Teleservices Maharashtra, one of the people said at the time.
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