Tata Sons looks to sell Rs 9,000 crore TCS shares to reduce debt

Tata Group holding company Tata Sons likely sold around 2.02 crore shares in Tata Consultancy Services (TCS) in a block deal after which the shares fell 3% to Rs 4021.25 on stock market.

The deal is reported to be worth around Rs 9,000 crore at an average share price of Rs 4,043 per share, according to the Economic Times report.

Tata Sons started the process of a block deal on 18th March, to sell shares of TCS up to 2.34 crore at a floor price of Rs 4,001 per share, representing a discount of 3.65% over Monday’s closing price,according to a term sheet issued by JP Morgan and Citigroup – joint book-runners to the deal.