TCS shares slip 5% after Tata Sons offloads stake via block deal
TCS shares slip 5% after Tata Sons offloads stake via block deal
Tata Group- File
13 March, 2018, 13:30
Tata Sons Ltd, the holding company for India's biggest business group is selling around 1.48 percent of its stake in software services provider Tata Consultancy Ltd worth $1.25 billion, reportedly to pay-off debts. It sold about 31.3 million shares, after originally offering 28.3 million shares to investors, one of the people said.
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.
In 2017, Tata sold Tata Teleservices Ltd's mobile phone operations to the BSE-listed Bharti Airtel Ltd, and had promised to service the unit's debt.
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Tata Consultancy shares were offered at 2,872 rupees to 2,925 rupees each, according to terms for the deal obtained by Bloomberg earlier.
Tata Sons is expected to use these funds for other group activities, including debt reduction goal. Last week, Tata Sons said that it will buy a 7% stake in group company Indian Hotels for over Rs 1,000 crore on or after March 13, which will increase its stake from 30% to 37% in the hospitality chain. Last year, it boosted its stake in Tata Motors Ltd., the owner of Jaguar Land Rover.
The offering for the Tata Consultancy stocks are to be arranged by Citigroup Inc. and Morgan Stanley with a price range representing a 4.2 percent to 5.9 percent discount to its last closing. The $1.5 billion six-year loan is set to be the first offshore syndicated facility taken out by Tata Sons since 2007.
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