MUMBAI (Reuters) - 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 2,872 rupees to 2,925 rupees 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 3,052.15 rupees.
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.
($1 = 65.0050 Indian rupees)
(Reporting by Devidutta Tripathy, Euan Rocha and Fiona Lau of IFR; editing by Jason Neely)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app