TCS shares fall over 5%; m-cap dips by Rs 30513 cr

Tata Sons Ltd India’s biggest business group plans to sell $1.25 billion of its stake in Tata Consultancy Services, according to terms of the transaction

India's Tata Sons [TATAS.UL] is set to sell on Tuesday a roughly 1.5 percent stake in its flagship Tata Consultancy Services (TCS.NS) for about $1.25 billion. 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.

Tata Sons is looking to sell around 2.83 crore shares amounting to about 1.48 per cent stake in TCS and the transaction is likely to be happen this week, the sources added.

Citigroup and Morgan Stanley are managing the TCS share sale. That's a discount of 4-6% on TCS' Monday closing price of Rs 3,052 on the BSE. Around 3.99 crore shares were traded in the counter on the NSE so far compared with average daily volumes of 12.37 lakh shares in the past one quarter. The orders in a block deal are not shown to people who trade from normal trade window.

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Tata Sons is expected to use these funds for other group activities, including debt reduction objective.

In addition, the holding company is seeking a $1.5 billion offshore syndicated loan, to pay down expensive debt at its telecommunications unit. The Group is clearly in a hurry to exit its troubled mobile telephony business.

Tata Sons will use the proceeds to pay creditors of its wireless division, a person with knowledge of the matter said Monday. Post the share sale, Tata Sons' holding in Tata Consultancy Services (TCS) has come down to around 72 percent from 73.52 percent. TCS is the most-profitable unit within the $100 billion-plus Tata Group, and ranks among the top three most valuable brands in the global IT services sector along with IBM and Accenture.

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