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Posted at: Mar 14, 2018, 12:43 AM; last updated: Mar 14, 2018, 12:43 AM (IST)

Tata Sons sells stake in TCS worth Rs9,000 crore

Shares fall over 5%

  • Shares of TCS declined over 5% on Tuesday following reports that Tata Sons is planning to raise around Rs 8,200 crore by selling stake in the IT major
  • The stock dropped 5.22% to end at Rs 2,892.45 on BSE. During the day, it dived 5.49% to Rs 2,884.10
  • On the NSE, shares of the company slipped 5.41% to close at Rs 2,886.80

New Delhi, March 13

Tata Sons today 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% 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.

Post the share sale, Tata Sons’ holding in the IT company would be around 72%. 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. — PTI


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