Tata Sons To Offload TCS shares Worth $1.25 Billion


TCS is now trading flat at around Rs 2,898 apiece while the Sensex is up 0.18% at around 33,980.

According to media reports, Tata Sons, which held 73.52% stake in TCS (as on 31 December 2017), will sell around 2.82 crore shares of the IT major at between Rs 2,872 to Rs 2,925 a share.

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

Consumer price index (CPI) or retail inflation eased to 4.44 per cent in the month of February 2018, from 5.05 per cent in January 2018, slightly in line with analysts expectations. The firm has a market capitalisation of some Rs 5.53 lakh crore. According to Motilal Oswal, these trades are done on a special window that opens for 35 minutes in the morning trading hours.

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Experts are of the view that the proceeds can be used to deleverage the balance sheet of Tata Sons, which paid $1.27 billion to Docomo to settle a dispute with the Japanese telecom giant after it exited their joint venture in 2013. The latter had to shell out $1.2 billion to NTT DoCoMo past year in order to settle the long-standing dispute with the Japanese telecom giant after it exited their joint venture in 2013. Tata sold Tata Teleservices Ltd's mobile-phone operations to Bharti Airtel Ltd previous year and pledged to pay the unit's obligations. In 2017, Tatas had announced that Tata Teleservices will merge with Bharti Airtel on a no-debt, no-cash basis.

Tata Sons plans to use the money it raises to pay lenders to the company's subsidiary Tata Teleservices and raise stake in some other units, unidentified people told the news outlet. Tata Sons has mandated lenders for a $1.5 billion six-year loan. The Group is clearly in a hurry to exit its troubled mobile telephony business.

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Tata Teleservices earlier had a debt of around Rs 30,000 crore of which it has repaid Rs 17,000 crore. Post the share sale, Tata Sons' holding in the IT company would be around 72 per cent.