Tata Sons plans to sell 2.34 crore TCS shares at Rs 4,001/share to raise up to $1.13bn and restructure balance sheet.
Tata Sons, the holding company of the Tata Group, is planning to sell 2.34 crore shares (0.65% stake) of Tata Consultancy Services (TCS) through block deals at a floor price of Rs 4,001 per share to raise up to $1.13 billion (around Rs 9,362 crore) and reduce debt on its books. The shares will be sold at a discount of 3.7% to Monday's closing price of Rs 4,144.75 on the BSE. Tata Sons, which has a 72.38% stake in TCS, aims to restructure its balance sheet to avoid a mandatory public listing under RBI's 'upper layer' NBFC norms.
March 18, 2024
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