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Tata Sons To Offload TCS shares Worth $1.25 Billion

Tata Sons, which owned 73.5% of TCS as of end-December, is selling TCS shares in a price range of Rs 2,872 to Rs 2,925 each.

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Tata Sons To Offload TCS shares Worth $1.25 Billion

Citigroup and Morgan Stanley are managing the TCS share sale.


Mumbai: Tata Sons is set to sell on Tuesday a roughly 1.5 per cent stake in its flagship Tata Consultancy Services for about $1.25 billion.

Tata Sons, which owned 73.5 per cent of TCS as of end-December, is selling TCS shares in a price range of Rs 2,872 to Rs 2,925 each, according to a deal term sheet.

That would be a discount of 4.2 to 5.9 per cent to TCS's Monday closing price of Rs 3,052.15.

TCS, the top Indian software services exporter, is the second-most valuable company in the country with a market capitalisation of close to $90 billion.

Citigroup and Morgan Stanley are managing the TCS share sale.


 
© Thomson Reuters 2018


(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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