Tata Sons offloads TCS shares worth over Rs 9,300 crore

Tata Sons has offloaded shares worth around Rs 9,300 crore in IT major Tata Consultancy Services through open market route, a regulatory filing said on Thursday.

According to the filing, Tata Sons has sold 234 lakh shares amounting to 0.65 per cent stake in TCS on March 19.

Calculated on the basis of the closing price of Rs 3,977.55 on March 19, the deal value comes to Rs 9,307.46 crore.

The block deal initiated by Tata Sons was aimed to offload up to 2.34 crore shares of TCS at a floor price of Rs 4,001 per share. This floor price represented a 3.65 per cent discount from Monday's closing price of Rs 4,144.75 apiece.

As of December 2023, promoters and promoter group entities hold a 72.41 per cent stake in TCS, of which 72.38 per cent shareholding is owned by Tata Sons.

Shares of TCS recovered 0.09 per cent and settled for the day on Thursday at Rs 3,974.05 apiece on BSE, after witnessing a decline in the previous three trading sessions.

Tata Sons shares had slipped on stock exchanges from March 18 to March 20, amid reports that its promoter Tata Sons is likely to sell a minority stake in the IT major.