Tata Sons will sell shares in IT services unit Tata Consultancy Services (TCS) worth up to 93.62 billion rupees ($1.13 billion) on Tuesday, according to a term sheet seen by Reuters.

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Tata Sons is looking to offload 23.4 million shares in the country's no.1 IT services company, representing 0.65 per cent of TCS's shareholding, the terms showed.

Tata Sons held a 72.4 per cent stake in TCS as of Dec. 31, per exchange data.

TCS shares will be sold at a floor price of 4,001 rupees apiece, a 3.7 per cent discount to the last close of 4,152.5 rupees.

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 per cent lower on Monday ahead of the news, amid a broader tumble in IT stocks.

Last year, the Reserve Bank of India (RBI) classified Tata Sons as an upper-layer NBFC, which makes it mandatory for the company to list itself on the exchanges by September '25.

Tata Sons' initial public offering (IPO) which may be valued at Rs 8 lakh crore to Rs 11 lakh crore, as per Zee Business Research. 

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