India's Tata Sons selling $1.25 billion worth of TCS shares: term sheet
Mar 13 2018 by Johnny Bowman
Mumbai:Tata Sons Ltd on Tuesday sold shares worth almost Rs9,000 crore in IT majorTata Consultancy Services Ltd, according to NSE data. Company has Deloitte Haskins & Sells LLP as its auditoRs As on 31-12-2017, the company has a total of 1,954,927,727 shares outstanding.
Almost 2.06 crore shares were offloaded at a price of Rs 2,876.46 apiece.
Shares of Tata Consultancy fell as much as 5.9 percent in Tuesday trading.
Tata Sons will use the proceeds to pay creditors of its wireless division, according to a person with knowledge of the matter.
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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.
It will also use the funds to raise its holdings in some listed units, the person said, asking not to be identified because the information is private. An official at Tata Sons declined to comment on the final pricing. The stake sell shall take place through the stock exchanges between March 13 and March 15. Post the share sale, Tata Sons' holding in the IT company would be around 72 per cent.
The offering for the Tata Consultancy stocks are to be arranged by Citigroup Inc. and Morgan Stanley with a price range representing a 4.2 percent to 5.9 percent discount to its last closing.
Tata Sons plans to use the money it raises to pay lenders to the company's subsidiary Tata Teleservices and raise stake in some other units, unidentified people told the news outlet.