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

Tata Group- File

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.

Desperate Mourinho wants Neymar in Man United
Neymar would rather return to his old club, than to Real Madrid which is also very keen to have him at whatever the cost. Rakitic told reporters that Neymar is one of the players who he will always like to have in his team.

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.

Related news:

Hot News

isis-killer-beheading-video-story-top Manchester United vs Sevilla Live Score Stream Commentary in Champions League 2018
Mar 13, 2018 - 13:22
Frenchman Lenglet told Spanish broadcaster COPE Sevilla: "I believe we are ready for United". "We are a strong team once we take the lead".

isis-killer-beheading-video-story-top Max Boot: Trump snookered by both Koreas into meeting Kim
Mar 13, 2018 - 13:16
But the uncertainty still lingers over plans for the first-ever meeting of a serving US president and a North Korean leader. The US president recently accepted an invitation to meet the North Korean leader in the coming months.

isis-killer-beheading-video-story-top United States detecting some Taliban interest in Afghan peace talks - Mattis
Mar 13, 2018 - 12:49
Mattis also said he had seen some changes in Pakistan's behaviour since Trump blasted the country previous year for harbouring the Taliban.

isis-killer-beheading-video-story-top Rabada suspended for 2 Tests after breaching ICC Code of Conduct
Mar 13, 2018 - 12:48
The key seemed to be Mitchell Marsh, the last member of Australia's top six, who was unbeaten on 39 at the start of play. Nathan Lyon was then charged for appearing to drop the ball deliberately close to AB de Villiers after a run-out.

isis-killer-beheading-video-story-top Could former Saint Mark Hughes return to Southampton as manager?
Mar 13, 2018 - 12:30
Saints were beaten 3-0 at Newcastle on Saturday and lie just one place and one point above the relegation zone. They are the ninth Premier League team to change their manager this season.

isis-killer-beheading-video-story-top Mnuchin: Trump may exempt more countries
Mar 13, 2018 - 11:31
The White House is now avoiding that kind of talk: "We will have ongoing discussions with Canada and Mexico", said the official. The tariffs - 25% on steel and 10% on aluminum - represent a significant change in US trade policy.

isis-killer-beheading-video-story-top Register for Early Access — Westworld Mobile Game
Mar 13, 2018 - 11:08
In the game, you'll start out as a newly hired Delos Trainee who gets access to the Delos Park Training Simulation (DPTS). If there's one HBO series airing this year that's ideal for a video game adaption, it's Real Time with Bill Maher.

isis-killer-beheading-video-story-top No new conditions on North Korea before talks
Mar 13, 2018 - 11:03
North Korea has a history of deceit and can not be trusted despite claims it wants to talk peace, says a national security analyst.

isis-killer-beheading-video-story-top Washington Huskies land NIT invite, will host Boise State
Mar 13, 2018 - 10:55
But their confidence grew as the season wore on, and a team without superstars, Williams said, built great chemistry. They were a part of a weak Big Ten and didn't have many impressive wins throughout the regular season.

isis-killer-beheading-video-story-top Man tries to stop hit-and-run driver in Miami with sledge hammer
Mar 13, 2018 - 10:49
Police confirmed Sunday afternoon that there was a hit-and run crash on Northeast 36th Street and Biscayne Boulevard in Miami . Right away, we see a couple of people get in front of the vehicle and tell Lagutenko to stop while trying to open his doors.

isis-killer-beheading-video-story-top Singer Aditya Narayan detained in road accident case
Mar 13, 2018 - 10:44
Earlier, he made headlines just a while ago for yet another wrong reason when he was caught in a brawl with an airline staff. According to police sources, Aditya did not attempt to escape and ensured that the injured were taken to a hospital.

Oil prices rise towards $70 fueling more subsidy fears
Mar 13, 2018 - 10:35
At stake is OPEC's production limits, which are among factors helping the oil market's monthslong recovery. Still, the United States is now the world's no. 2 crude oil producer, ahead of top exporter Saudi Arabia.

isis-killer-beheading-video-story-top Afghanistan Through To Super Sixes In WC Qualifiers
Mar 13, 2018 - 10:30
Speedster Karan KC and Basanta Regmi bagged two wickets each while Sompal Kami and Lalit Rajbanshi chipped in with a wicket each. Their total of 153 represented something of a recovery after a series of mini collapses left them 110/8 in a must-win game.

isis-killer-beheading-video-story-top Switch Parental Controls app has been updated; mentions Switch firmware v5.0
Mar 13, 2018 - 10:25
It is seen that the machine is easy to work and Netflix is already on every platform like TVs, Phones, Tablets, Gaming consoles. Here's all of the changes coming to the Switch with version 5.0 from the official Nintendo site .

isis-killer-beheading-video-story-top British Paedophile Ring Abused 1000 Children
Mar 13, 2018 - 09:53
They are not discounting the possibility of another arson attack and were talking about installing a fireproof letterbox'. Details emerged of alleged child abuse cases involving possibly thousands of young girls dating back to the late1980s.