TCS shares decline nearly 2% amid reports of Tata Sons selling minor stake

Mar18,2024



New Delhi: Shares of Tata Consultancy Services (TCS) fell nearly 2 per cent on Monday as its promoters Tata Sons There is a possibility of selling minority stake in the IT major. According to reports, TCS-promoter Tata Sons is planning to sell 2.3 crore shares, which is 0.64 per cent stake in the company, through a block deal on Tuesday.
offer price for block deal The price is likely to be Rs 4,001 per share, which is a discount of 3.45 per cent compared to TCS's Monday closing price, the report said.
The company's shares closed 1.78 per cent lower at Rs 4,144.25 on the NSE.
It closed 1.72 per cent lower at Rs 4,144.75 on BSE.
During the day, TCS shares hit fresh 52-week high of Rs 4,254.75 and Rs 4,254.45 on NSE and BSE, respectively.
In terms of volume, 15.27 lakh equity shares were traded on the NSE during the day, while 39,000 shares were traded on the BSE.
At the offer price, the total transaction value of the block deal works out to over Rs 9,202 crore.
As of December 2023, promoters and promoter group entities hold 72.41 per cent stake in TCS, of which Tata Sons holds 72.38 per cent.
tata groupThe stock has been in the news since a Spark Capital report in March mentioned that Tata Sons may go public by September 2025 to meet RBI's scale-based rules.
RBI mandates that upper tier NBFCs are required to be listed on stock exchanges within three years. Tata Sons has been named among the 15 upper tier non-banking financial companies (NBFCs).
With a market valuation of around Rs 15 lakh crore, Tata Consultancy Services is the second most valuable company after oil-to-telecom conglomerate Reliance Industries Ltd.
With a total market valuation of Rs 31.6 lakh crore, Tata Sons owns 29 publicly listed Tata group entities.



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