New Delhi sources reported that Tata Sons, the promoter of major operating companies of the Tata group, is planning to rise around Rs 8,200 crore by selling stake in IT major TCS. Meanwhile according to investment banking sources Tata Sons is looking to sell around 2.83 crore shares amounting to about 1.48% stake in TCS and the transaction is likely to be happen this week.
Sources added "When contacted, Tata Sons declined to comment and after the proposed share sale, Tata Sons' holding in Tata Consultancy Services (TCS) will come down to around 72% from 73.52% as on December, 2017.
Further the sources said Tata Sons intends to
use the proceeds from the share sale to reduce debt in the group's telecom arm
Tata Teleservices which has debt of around Rs 40,000 crore. Previously
according to sources last year in October, Tata Group had agreed to sell its
loss-making mobile telephony business to Bharti Airtel on "a debt-free
cash-free basis".
