Tatas sell TCS shares worth Rs 635 cr

Tatas sell TCS shares worth Rs. 635 cr

Analysts say Tatas could be selling their stake to raise money to finance its various loan re-payments

Thursday, May 07, 2009

MUMBAI, INDIA: The Tata Industries on Wednesday sold 10.34 million shares of Tata Consultancy Services (TCS) through an open market transaction. According to the bulk deal data available on the National Stock Exchange, the TCS shares were sold at Rs. 615.04 a piece, aggregating to over Rs. 634.80 crore.

After the transaction, Tata group's ownership in TCS is around 75 per cent.

TCS is part of Tata Group, a family-run Indian conglomerate that spans autos, commodities and services businesses.

Citigroup served as the sole bookrunner for the block trade, according to a Reuters report.

According to market reports, Tata Group could be selling their stake to raise money to finance its various loan re-payments for group companies.

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