TCS shares fall over 5%; m-cap dips by Rs 30513 crore

Tata Consultancy shares were offered at 2,872 rupees to 2,925 rupees each according to terms for the deal obtained by Bloomberg earlier

Tata Sons To Sell Tata Consultancy Stake Worth $1.25 Billion To Repay Debt

The stock had hit a high of Rs 2,925 and a low of Rs 2,890.85 so far during the day.

On the BSE, 64,000 shares were traded in the counter so far compared with average daily volumes of 3.11 lakh shares in the past two weeks. Tata Sons' move to sell over 28 million shares of TCS comes nearly 10 months after it received Rs 11,722 crore by participating in the software major's share buyback programme.

Tata Sons on Tuesday sold shares valued at almost Rs 9,000 crore in TCS through open market transactions.

Shares of TCS slumped 5.22% to settle at Rs 2,892.45 yesterday, 13 March 2018. At these prices, the total value of shares offloaded by Tata Sons is about Rs 8,989.84 crore. In 2017, Tatas had announced that Tata Teleservices will merge with Bharti Airtel on a no-debt, no-cash basis. The $1.5 billion six-year loan is set to be the first offshore syndicated facility taken out by Tata Sons since 2007. Tata Sons plans to use the proceeds to repay debt of units Tata Teleservices and Tata Teleservices Maharashtra, a person said then. The Group is clearly in a hurry to exit its troubled mobile telephony business.

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

DNA Money had, on December 14, 2016, reported the possibility of Tata Sons raising funds by selling TCS shares for funding a stake hike in various listed group companies amid a raging corporate war with former chairman and director Cyrus P Mistry.

TCS, the top Indian software services exporter, is the second-most valuable company in the country with a market capitalisation of close to $90 billion.

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