According to exchange data, as of December 31, Tata Sons held a 72.4 per cent stake in TCS.
Mumbai : Tata Sons, the umbrella company of Tata Consultancy Services (TCS), is set to sell shares in TCS worth nearly 93.62 billion rupees on Tuesday, reported a news agency. The sale will involve around 23.4 million shares, or about 0.65 per cent of TCS's total shares, as per a term sheet accessed by the news agency.
According to exchange data, as of December 31, Tata Sons held a 72.4 per cent stake in TCS. The shares will be sold at a floor price of Rs. 4,001 each, which is about a 3.7 per cent discount from the last closing price of 4,152.5 rupees. JP Morgan and Citigroup will serve as joint bookrunners for this stake sale.
The news of this stake sale comes amid a decline in IT stocks, with TCS shares closing 1.6 per cent lower on Monday. In the third quarter (Sep-Dec 2023), TCS recorded a 1.96 per cent year-on-year increase in consolidated net profit, amounting to Rs 11,097 crore. This growth was impacted by a one-time charge of Rs 958 crore for the settlement of a legal claim. Excluding the impact of legal claims, the profit for the quarter stood at Rs 11,774 crore, as disclosed in a filing with the Bombay Stock Exchange (BSE). Particularly, TCS saw its consolidated revenue for the quarter rise by 4.04 per cent year-on-year to Rs 60,583 crore.
Mumbai : Tata Sons, the umbrella company of Tata Consultancy Services (TCS), is set to sell shares in TCS worth nearly 93.62 billion rupees on Tuesday, reported a news agency. The sale will involve around 23.4 million shares, or about 0.65 per cent of TCS's total shares, as per a term sheet accessed by the news agency.
According to exchange data, as of December 31, Tata Sons held a 72.4 per cent stake in TCS. The shares will be sold at a floor price of Rs. 4,001 each, which is about a 3.7 per cent discount from the last closing price of 4,152.5 rupees. JP Morgan and Citigroup will serve as joint bookrunners for this stake sale.
The news of this stake sale comes amid a decline in IT stocks, with TCS shares closing 1.6 per cent lower on Monday. In the third quarter (Sep-Dec 2023), TCS recorded a 1.96 per cent year-on-year increase in consolidated net profit, amounting to Rs 11,097 crore. This growth was impacted by a one-time charge of Rs 958 crore for the settlement of a legal claim. Excluding the impact of legal claims, the profit for the quarter stood at Rs 11,774 crore, as disclosed in a filing with the Bombay Stock Exchange (BSE). Particularly, TCS saw its consolidated revenue for the quarter rise by 4.04 per cent year-on-year to Rs 60,583 crore.
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