Published: Tue, March 13, 2018
Business | By Kate Woods

Tata Sons sells shares worth almost Rs 9000 cr in TCS

Tata Sons sells shares worth almost Rs 9000 cr in TCS

After the proposed share sale, Tata Sons holding in Tata Consultancy Services (TCS) will come down to around 72 per cent from 73.52 per cent as on December, 2017. According to bulk deal data available with the NSE, Tata Sons has sold little over 3.12 crore shares in TCS through two transactions. Tata sold Tata Teleservices' mobile-phone operations to Bharti Airtel previous year and pledged to pay the unit's obligations. In the bargain, the share price of the fastest growing IT services brand in the world - according to leading brand valuation firm, Brand Finance - cracked over 5% in the morning trade.

Some reports said Tata Sons may already have sold stake after markets opened on Tuesday, while others suggested that the sale took place on Monday evening.

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Since a year ago, the conglomerate has been planning to increase its ownership in its largest businesses including Tata Chemicals Ltd. and Tata Steel Ltd.

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. At these prices, the total value of shares offloaded by Tata Sons is about Rs 8,989.84 crore.

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When contacted, Tata Sons declined to comment, the report said. Last year, it boosted its stake in Tata Motors Ltd, the owner of Jaguar Land Rover. The latter had to shell out $1.2 billion to NTT DoCoMo a year ago in order to settle the long-standing dispute with the Japanese telecom giant after it exited their joint venture in 2013. The plan is to reduce the considerable debt obligations in the wireless telecom units - Tata Teleservices and Tata Teleservices (Maharashtra) - and to spruce up equity interests in key Tata group companies.

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