Tata Sons to ‘sell’ 2.3 crore Tata Consultancy Services shares in block deals
New Delhi, March 18
Shares of Tata Consultancy Services (TCS) on Monday declined nearly 2 per cent amid reports that its promoter Tata Sons is likely to sell a minority stake in the IT major.
According to reports, TCS-promoter Tata Sons is planning to sell up to 2.3 crore shares, representing a 0.64 per cent stake in the company through block deals on Tuesday.
IT major’s stock dips 1.78%
- Amid reports of stake sale, the stock of Tata Consultancy Services plunged 1.78% to close at Rs 4,144.25 apiece on the NSE
- At a market valuation of nearly Rs 15 lakh crore, TCS is second most valuable firm after oil-to-telecom conglomerate Reliance Industries Ltd
The offer price for the block deal is likely Rs 4,001 per share, which is a 3.45 per cent discount compared to Monday’s closing price for TCS, the reports said. The stock of the company plunged 1.78 per cent to close at Rs 4,144.25 apiece on the NSE.
On the BSE, it fell 1.72 per cent to settle at Rs 4,144.75 apiece. During the day, shares of TCS hit its 52-week high of Rs 4,254.75 and Rs 4,254.45 apiece on the NSE and BSE, respectively. In terms of volume, 15.27 lakh equity shares were traded on the NSE, while 39,000 shares were traded on the BSE, during the day.
As of December 2023, promoters and promoter group entities hold a 72.41 per cent stake in TCS, of which 72.38 per cent shareholding is owned by Tata Sons.
Tata Group’s stocks have been in the spotlight after a report from Spark Capital in March mentioned that Tata Sons might go public by September 2025 to meet RBI’s scale-based regulations.
RBI mandates that upper-layer NBFCs are required to list on stock exchanges within three years. Tata Sons has been named among 15 upper-layer Non Banking Financial Companies.
