Tata Sons on Monday sold 1.48% stake in Tata Consultancy Services (TCS), for Rs.8,127 crore.
The stake sale was made via a block trade on the National Stock Exchange. The transaction was at a discount of between 4.17% and 5.9% to the stock’s closing price of Rs.3,052.15 on the NSE on Monday.
Further, as per experts, the proceeds can be used to deleverage the balance sheet of Tata Sons, repay debt and also to fund group companies such as Tata Steel. Post share sale, Tata Sons holding in TCS comes down from 73.52% as on December, 2017 to approx 72%.