TCS may list overseas

MUMBAI: Tata Sons Ltd., the holding firm of Tata Group, is considering a $1 billion-plus overseas equity offering in Tata Consultancy Services to fund acquisitions, the Business Standard reported on Thursday, citing banking sources.

The offer may take place in six months and include the sale of new shares, the paper said.

"The group is examining the pros and cons of listing on major exchanges, including London, Luxembourg and New York stock exchanges," the newspaper said, quoting unnamed banking sources.

Tata Consultancy is India's top software services exporter, with a market capitalisation of over $27 billion.

A Tata Sons spokeswoman could be immediately reached for a comment while a Tata Consultancy spokesman declined comment.

The paper said bankers thought raising funds through an equity sale in Tata Consultancy made sense as Tata Sons held a 78.35 percent stake in the firm.

The paper said Tata Sons chipped in with funds whenever any group entity made a major acquisition, and was expected to contribute to Tata Steel's $12 billion takeover of Anglo-Dutch steel maker Corus.