Tata Sons to sell more than $1 billion worth of TCS shares in a block deal on Tuesday

Tata Sons owned 73.5 percent of TCS as of end-December

Reuters March 12, 2018 19:03:13 IST
Tata Sons to sell more than $1 billion worth of TCS shares in a block deal on Tuesday

Munbai: Tata Sons, the holding company of salt-to-software Tata conglomerate, is set to sell more than $1 billion worth of shares in flagship Tata Consultancy Services in a block deal on Tuesday, a source with knowledge of the matter told Reuters.

Tata Sons to sell more than 1 billion worth of TCS shares in a block deal on Tuesday

Tata Sons to offload $1bn worth TCS shares. TCS logo. Reuters.

Tata Sons owned 73.5 percent of TCS as of end-December.

It is planning to sell the TCS shares for Rs 2,872 to Rs 2,925 each, CNBC TV18 reported on Monday.

That would be a discount of 4.2 to 5.9 percent to TCS’s Monday closing price of Rs 3,052.15.

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