Tata Sons Sells TCS Stake Worth $1.25 Billion, TCS Shares Tank 6%

Tata Sons To Offload TCS shares Worth $1.25 Billion

Shares of Tata Consultancy Services declined over 5 per cent today following reports that Tata Sons is planning to raise around Rs 8,200 crore by selling stake in the IT major. The company, on Tuesday, sold about 31.3 million shares, after originally offering 28.3 million shares to investors, said a Bloomberg report. During the day, it slipped 5.49 per cent to Rs 2,884.10.

Tata Sons is looking to sell around 2.83 crore shares amounting to about 1.48 per cent stake in TCS and the transaction is likely to be happen this week, the sources added. Tata sold Tata Teleservices Ltd.'s mobile-phone operations to Bharti Airtel Ltd. previous year and pledged to pay the unit's obligations.

Other industry experts point out that Tata Sons may choose to use the TCS stake sale proceeds to fund Tata Steel, which is hoping to snap up Bhushan Steel and Bhushan Steel and Power.

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

Oil prices rise towards $70 fueling more subsidy fears
US crude CLcv1 fell 1.66 percent to $61.01 per barrel and Brent LCOcv1 was last at $64.58, down 1.39 percent on the day. In other trading, April gasoline fell 0.5% to $1.894 a gallon, while April heating oil fell 1.2% to $1.865 a gallon.

The conglomerate has been planning to raise its ownership over time in five of its largest businesses including Tata Chemicals Ltd. and Tata Steel Ltd., Bloomberg News reported past year. Last week, Tata Sons said that it will buy a 7% stake in group company Indian Hotels for over Rs 1,000 crore on or after March 13, which will increase its stake from 30% to 37% in the hospitality chain.

Citigroup and Morgan Stanley managed the offering.

Incidentally, just last week Bloomberg had reported that Tata Sons is seeking an offshore syndicated loan to repay debt of units Tata Teleservices and Tata Teleservices Maharashtra.

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