Tata Sons Plans to Offload 0.65% Stake in TCS for Nearly Rs 9,400 Crore
Introduction: In a strategic move, Tata Sons, the holding company of the prestigious Tata group, has announced its intention to sell a portion of its stake in tech giant Tata Consultancy Services Ltd (TCS). The decision to offload 2.34 crore shares, amounting to 0.65% equity of TCS, aims to raise approximately Rs 9,362 crore through block deals. This move, while significant, comes at a slight discount to the current market value, highlighting Tata Sons’ strategic approach to capital management. The 2.34 crore shares represent 0.65 per cent equity of TCS. At a market capitalisation of Rs 14.99 lakh crore, TCS is India’s second most-valued listed company after Reliance Industries. Key Details: The proposed floor price for the sale stands at Rs 4,001 per share, representing a discount of 3.46% to Monday’s closing price on the BSE. Citigroup and JPMorgan are appointed as joint bookrunners for facilitating the share sale process. The sale of shares will not significantly impact Tata S...