Tata Sons said to raise $1.38 billion in upsized TCS offering

Tata Sons to sell 1.5% stake in TCS through block deals to strengthen its balance sheet

Mumbai: Tata Sons Ltd on Tuesday sold shares worth almost Rs9,000 crore in IT major Tata Consultancy Services Ltd, according to NSE data. It sold about 31.3 million shares, after originally offering 28.3 million shares to investors, one of the people said.

The proceeds of the share sales will reportedly be used by Tata Sons to pay creditors of its wireless division.

The price of the stake sale is likely to be between Rs 2,872 and Rs 2,925, Bloomberg reported.

Tata Sons, the promoter of major operating companies of the Tata group, is planning to raise around Rs 8,200 crore by selling stake in IT major TCS, according to investment banking sources.

Kagiso Rabada suspended for two Tests by ICC
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Russian Athlete Rumyantseva Wins Gold in Ski Race at Paralympic Games
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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. Tata Sons is buying an additional 6.6 percent stake in Indian Hotels Co. that was held by Tata Trusts, according to a stock exchange filing this month.

According to bulk deal data available with the NSE, Tata Sons has sold little over 3.12 crore shares in TCS through two transactions.

Tata Sons is reportedly planning to use the proceeds to pay debts of units Tata Teleservices and Tata Teleservices Maharashtra.

The offering for the Tata Consultancy stocks are to be arranged by Citigroup Inc. and Morgan Stanley with a price range representing a 4.2 percent to 5.9 percent discount to its last closing.

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