Tata to sell $1.25 billion stake in TCS to pay debt

Tata Sons Ltd India’s biggest business group plans to sell $1.25 billion of its stake in Tata Consultancy Services, according to terms of the transaction

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).

After the proposed share sale, Tata Sons' holding in Tata Consultancy Services (TCS) will come down to around 72 % from 73.52 % as on December, 2017.

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

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On NSE, shares of the company dived 5.90 % to ₹ 2,872. The stock had hit a high of Rs 2,929 and a low of Rs 2,885.20 so far during the day. Tata Sons may buy the stakes from other Tata Group affiliates, which would help to reduce cross-shareholdings, according to the person.

At 10.40 am, shares of TCS were down 4.8% at Rs 2,905.80 on the National Stock Exchange.

The holding company is also seeking a $1.5 billion offshore syndicated loan, as it seeks to pay down expensive debt at its telecommunications unit, people familiar with the matter said last week. The plan is to pare the debt in the wireless telecom units - Tata Teleservices and Tata Teleservices (Maharashtra) - and to shore up equity interests in key Tata group companies. While a year ago Tata Songs boosted its stake in Tata Motors Ltd, the owner of Jaguar Land Rover, it is also planning to buy 6.6 percent additional stakes in Indian Hotels Co. that was held by Tata Trusts.

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