India’s Tata Sons will sell shares in IT services unit Tata Consultancy Services (TCS) worth up to ₹93.62 billion ($1.13 billion) on Tuesday, according to a term sheet seen by Reuters.
Tata Sons is looking to offload 23.4 million shares in the country’s no.1 IT services company, representing 0.65% of TCS’s shareholding, the terms showed.
Tata Sons held a 72.4% stake in TCS as on Dec. 31, per exchange data.
TCS shares will be sold at a floor price of ₹4,001 apiece, a 3.7% discount to the last close of ₹4,152.5.
J.P. Morgan and Citigroup will be joint bookrunners for the stake sale.
Tata Sons and TCS did not immediately respond to Reuters’ requests for comment.
TCS shares closed 1.6% lower on Monday ahead of the news, amid a broader tumble in IT stocks.
