India's Tata Sons [TATAS.UL] is set to sell on Tuesday a roughly 1.5 percent stake in its flagship Tata Consultancy Services (TCS.NS) for about $1.25 billion. Company has Deloitte Haskins & Sells LLP as its auditoRs As on 31-12-2017, the company has a total of 1,954,927,727 shares outstanding.
Shares of Tata Consultancy, Asia's largest software developer, fell as much as 5.9% in Tuesday trading. During the day, it dove 5.49 per cent to Rs 2,884.10.
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Tata Sons will use the funds to pay creditors of its wireless division.
Previous 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".
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President Donald Trump 's decision to go ahead with tariffs in imported steel and aluminum, sparking fears of a trade war. The pessimistic view was echoed in money managers' short-selling position.
Tata Sons, the promoter of major operating companies of the Tata group, is planning to raise around Rs 8,200 crore by selling stake in IT major TCS, according to investment banking sources. An official at Tata Sons declined to comment on the final pricing.
Since a year ago, the conglomerate has been planning to increase its ownership in its largest businesses including Tata Chemicals Ltd. and Tata Steel Ltd. The stake sell shall take place through the stock exchanges between March 13 and March 15. Citigroup Inc. and Morgan Stanley are the bankers to the sale.
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Consumer price index (CPI) or retail inflation eased to 4.44 per cent in the month of February 2018, from 5.05 per cent in January 2018, slightly in line with analysts expectations. Tata Sons plans to use the proceeds to repay debt of units Tata Teleservices and Tata Teleservices Maharashtra, one of the people said at the time.