Tata to sell $1.25 billion stake in TCS to pay debt

Tata Sons to sell 1.5% stake in TCS through block deals to strengthen its balance sheet

Parent Tata Sons raised 90 billion rupees ($1.39 billion) from an enlarged block of shares in flagship TCS, IFR reported, citing people with knowledge of the sale. The company, on Tuesday, sold about 31.3 million shares, after originally offering 28.3 million shares to investors, said a Bloomberg report.

Almost 2.06 crore shares were offloaded at a price of Rs 2,876.46 apiece.

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

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It will also use the funds to raise its holdings in some listed units, the person said.

Tata Sons had 73.5% stake in the software company at the end of December 2017.

A year ago in October, Tata Group had agreed to sell its loss-making mobile telephony business to Bharti Airtel on "a debt-free cash-free basis". While previous year Tata Songs boosted its stake in Tata Motors Ltd, the owner of Jaguar Land Rover, it is also planning to buy 6.6 percent additional stakes in Indian Hotels Co. that was held by Tata Trusts.

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The 2.83 crore shares Tata Sons reportedly plans to sell are worth around $1.25 billion (Rs 8,127 crore), a term deal sheet showed, according to Bloomberg.

That would be a discount of 4.2 to 5.9 percent to TCS's Monday closing price of 3,052.15 rupees.

Citigroup and Morgan Stanley managed the offering.

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Tata Sons is reportedly planning to use the proceeds to pay debts of units Tata Teleservices and Tata Teleservices Maharashtra.

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