Tata Sons to sell TCS shares worth up to $1.13 billion, term sheet shows


Mumbai/Bangalore: Tata SonsThe holding arm of Tata Group is planning to sell shares in Tata Consultancy Services (tcs) reached 93.62 billion rupees ($1.13 billion) on Tuesday, a term sheet showed.
Tata Sons plans to sell 23.4 million shares in the country's top shares IT service providerAccording to the term sheet, this represents 0.65% of TCS's outstanding shareholding.
According to exchange data, it held 72.4% stake in TCS as of December 31.
stake sale comes as domestic Share Market TCS and the blue-chip Nifty 50 index, of which it is a part, are hovering at record highs this year, hitting 10 and 15 record highs respectively.
TCS shares Each will be sold at a floor price of Rs 4,001, a discount of 3.7% from its Monday closing price of Rs 4,152.5.
JPMorgan and Citigroup will be joint bookrunners for the stake sale.
Tata Sons and TCS did not immediately respond to Reuters requests for comment, while Citigroup and JP Morgan Declined to comment.
Major shareholders of ITC, Paytm and Zomato have over the past few months sold their stake in the companies through block deals – where more than 500,000 shares are traded in a single transaction.
TCS shares closed 1.6% lower on Monday ahead of the news, amid a broader decline in IT stocks.

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