March 23, 2018

Tatas to raise Rs 8200 cr via TCS share sale

13 March 2018, 06:36 | Melvin Schneider

Citigroup and Morgan Stanley are managing the TCS share sale

Tata Sons To Offload TCS shares Worth $1.25 Billion

Diversified business group Tata's holding company Tata Sons will sell 1.5 per cent stake in TCS for an amount of almost United States dollars 1.3 billion (Rs 8,500 crore). The company, on Tuesday, sold about 31.3 million shares, after originally offering 28.3 million shares to investors, said a Bloomberg report.

Tata Sons intends to use the proceeds from the share sale to reduce debt in the group's telecom arm Tata Teleservices which has debt of around Rs 40,000 crore, the sources told PTI.

Shares of Tata Consultancy fell as much as 5.9 percent in Tuesday trading.

Tata Sons will use the funds to pay creditors of its wireless division.

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In 2017, Tata sold Tata Teleservices Ltd's mobile phone operations to the BSE-listed Bharti Airtel Ltd, and had promised to service the unit's debt. An official at Tata Sons declined to comment on the final pricing. Last year, it boosted its stake in Tata Motors Ltd., the owner of Jaguar Land Rover.

Citigroup Inc. and Morgan Stanley are arranging the offering of Tata Consultancy stock, according to Monday's terms.

Consumer price index (CPI) or retail inflation eased to 4.44 per cent in the month of February 2018, from 5.05 per cent in January 2018, slightly in line with analysts expectations.

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.

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