MUMBAI/BENGALURU: Tata Sons, the holding arm of Tata Group, plans to promote shares in Tata Consultancy Providers (TCS) value as much as 93.62 billion rupees ($1.13 billion) on Tuesday, a time period sheet confirmed.
Tata Sons plans to dump 23.4 million shares within the nation’s high IT companies supplier, representing 0.65% of TCS’ excellent shareholding, in accordance with the time period sheet.
It holds a 72.4% stake in TCS as of Dec. 31, in accordance with alternate information.
The stake sale comes as home inventory markets hover at document highs, with TCS and the blue-chip Nifty 50 index, of which it’s a half, hitting 10 and 15 document highs this 12 months, respectively.
TCS shares can be bought at a ground value of 4,001 rupees apiece, a 3.7% low cost to its Monday closing value of 4,152.5 rupees.
JP Morgan and Citigroup can be joint bookrunners for the stake sale.
Tata Sons and TCS didn’t instantly reply to Reuters’ requests for remark, whereas Citigroup and J.P. Morgan declined to remark.
Main shareholders of ITC, Paytm and Zomato have bought their stake within the corporations through block offers – the place greater than 500,000 shares are traded in a single transaction – prior to now few months.
Shares of TCS closed 1.6% decrease on Monday forward of the information, amid a broader tumble in IT shares.
Tata Sons plans to dump 23.4 million shares within the nation’s high IT companies supplier, representing 0.65% of TCS’ excellent shareholding, in accordance with the time period sheet.
It holds a 72.4% stake in TCS as of Dec. 31, in accordance with alternate information.
The stake sale comes as home inventory markets hover at document highs, with TCS and the blue-chip Nifty 50 index, of which it’s a half, hitting 10 and 15 document highs this 12 months, respectively.
TCS shares can be bought at a ground value of 4,001 rupees apiece, a 3.7% low cost to its Monday closing value of 4,152.5 rupees.
JP Morgan and Citigroup can be joint bookrunners for the stake sale.
Tata Sons and TCS didn’t instantly reply to Reuters’ requests for remark, whereas Citigroup and J.P. Morgan declined to remark.
Main shareholders of ITC, Paytm and Zomato have bought their stake within the corporations through block offers – the place greater than 500,000 shares are traded in a single transaction – prior to now few months.
Shares of TCS closed 1.6% decrease on Monday forward of the information, amid a broader tumble in IT shares.
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