Tata Sons is offering to sell 2.34 crore shares of TCS at a floor price Rs 4,001 per share through block deals.
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Tata Sons is offering to sell 2.34 crore shares of IT major Tata Consultancy Services Ltd (TCS) at a floor price Rs 4,001 per share through block deals to raise up to $1.1 billion, said a report by Bloomberg on Monday. The reported price is a discount of 3.6 per cent to Monday’s closing price.
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The 2.34 crore shares represent 0.65 per cent equity of TCS. At a market capitalisation of Rs 15 lakh crore, TCS is India’s second most-valued listed company after Mukesh Ambani’s Reliance Industries Ltd (RIL).
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As of December 31, 2023, promoters held a 72.41 per cent share in TCS, of which Tata Sons held 72.38 per cent stake, while the rest is held by Tata Investment Corporation. Citigroup and JPMorgan are reportedly the joint bookrunners of the proposed share sale, the report added.
