Munbai: Tata Sons, the holding company of salt-to-software Tata conglomerate, is set to sell more than $1 billion worth of shares in flagship Tata Consultancy Services in a block deal on Tuesday, a source with knowledge of the matter told Reuters.
It is learnt that Tata Sons will be selling close to 2.83 crore shares, which translates to about 1.48 per cent of the software services firm.
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Some reports said Tata Sons may already have sold stake after markets opened on Tuesday, while others suggested that the sale took place on Monday evening. The money raised from the stake sale will be used by Tata Sons to strengthen its balance sheet. Tata sold Tata Teleservices Ltd.'s mobile-phone operations to Bharti Airtel Ltd. past year and pledged to pay the unit's obligations.
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The conglomerate has been planning to raise its ownership over time in five of its largest businesses including Tata Chemicals Ltd. and Tata Steel Ltd., Bloomberg News reported a year ago.
The offering for the Tata Consultancy stocks are to be arranged by Citigroup Inc. and Morgan Stanley with a price range representing a 4.2 percent to 5.9 percent discount to its last closing.
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