Tata Sons to sell $1.2-bn worth TCS shares in Rs 2,872-Rs 2,925 price range
TCS India's Tata Sons is set to sell on Tuesday a roughly 1.5 percent stake in its flagship Tata Consultancy Services for about $1.25 billion. Tata Sons, which owned 73.5 percent of TCS as of end-December, is selling TCS shares in a price range of Rs 2,872 to Rs 2,925 each, according to a deal term sheet. That would be a discount of 4.2 to 5.9 percent to TCS's Monday closing price of Rs 3,052.15. 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. Citigroup and Morgan Stanley are managing the TCS share sale.
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