Tata Sons is offering to sell 2.34 crore shares of IT major Tata Consultancy Services Ltd (TCS) at a floor price Rs 4,001 per share through block deals to raise up to $1.1 billion, said a report by Bloomberg on Monday. The reported price is a discount of 3.6 per cent to Monday’s closing price.
The 2.34 crore shares represent 0.65 per cent equity of TCS. At a market capitalisation of Rs 15 lakh crore, TCS is India’s second most-valued listed company after Mukesh Ambani’s Reliance Industries Ltd (RIL).
As of December 31, 2023, promoters held a 72.41 per cent share in TCS, of which Tata Sons held 72.38 per cent stake, while the rest is held by Tata Investment Corporation. Citigroup and JPMorgan are reportedly the joint bookrunners of the proposed share sale, the report added.
Shares of Tata Consultancy Services (TCS) on Monday declined nearly 2 per cent amid reports that its promoter Tata Sons is likely to sell a minority stake in the IT major. According to reports, TCS-promoter Tata Sons is planning to sell up to 2.3 crore shares, representing a 0.64 per cent stake in the company through block deals on Tuesday.