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Tata Sons sells shares worth Rs 9k cr in TCS
Tata Sons on Tuesday sold shares valued at nearly Rs 9,000 crore in Tata Consultancy Services (TCS) through open market transactions. The amount of shares offloaded by the major promoter of TCS translates to around 1.63 per cent stake.
According to bulk deal data available with the NSE, Tata Sons has sold little over 3.12 crore shares in TCS through two transactions.
Nearly 2.06 crore shares were offloaded at a price of Rs 2,876.46 apiece. Another 1.06 crore scrips were sold at Rs 2,872.19 apiece, as per the data. At these prices, the total value of shares offloaded by Tata Sons is about Rs 8,989.84 crore.
Shares of TCS declined over five per cent on Tuesday to close at Rs 2,886.10 on the NSE. Post the share sale, Tata Sons' holding in the IT company would be around 72 per cent.
On Monday, sources had said that Tata Sons intends to use the proceeds from the share sale to reduce debt in the group's telecom arm Tata Teleservices.
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