Parent to sell TCS stake

At 1.05 pm TCS shares were trading 4.68% lower at Rs2,903.50 on the BSE

Mumbai: Tata Sons is set to sell close to $1.2 billion (Rs 8300 crore) of its stake in Tata Consultancy Services (TCS), the country's largest infotech services company.

It is learnt that Tata Sons will be selling close to 2.83 crore shares, which translates to about 1.48 per cent of the software services firm.

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.

However, the shares of Tata Consultancy fell by as much as 5.9 percent in Tuesday trading, down by 4.7 percent, in the biggest one-day decline in more than a year. Tata sold Tata Teleservices Ltd.'s mobile-phone operations to Bharti Airtel Ltd. a year ago and pledged to pay the unit's obligations. Tata Sons may buy the stakes from other Tata Group affiliates, which would help to reduce cross-shareholdings, according to the person. Last year, it boosted its stake in Tata Motors Ltd., the owner of Jaguar Land Rover.

Citigroup and Morgan Stanley are managing the TCS share sale.

That would be a discount of 4.2 to 5.9 percent to TCS's Monday closing price of Rs 3,052.15. Tata Sons had also raised $1.5 billion through the external commercial borrowing route, part of which was used to repay the loans. The plan is to pare the debt in the wireless telecom units - Tata Teleservices and Tata Teleservices (Maharashtra) - and to shore up equity interests in key Tata group companies.

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