Mumbai: Indian software services exporter Tata Consultancy Services Ltd (TCS) on Tuesday witnessed a series of block deals, in which around 25.40 million shares or 1.5% stake of the company changed hands, Bloomberg reported.
Tata Sons is expected to use these funds for other group activities, including debt reduction goal.
Tata Sons priced its sale of Tata Consultancy shares at about 2,872 rupees apiece, the bottom of a marketed range, according to the people, who asked not to be identified because the information is private. Tata sold Tata Teleservices' mobile-phone operations to Bharti Airtel previous year and pledged to pay the unit's obligations.
The conglomerate has been planning to raise its ownership over time in five of its largest businesses including Tata Chemicals Ltd. and Tata Steel Ltd., Bloomberg News reported past year. During the day, it slipped 5.49 per cent to Rs 2,884.10.
Citigroup and Morgan Stanley managed the offering.
That would be a discount of 4.2 to 5.9 percent to TCS's Monday closing price of 3,052.15 rupees.
Tata Sons intends to use the proceeds from the share sale to reduce debt in the group's telecom arm Tata Teleservices which has debt of around Rs 40,000 crore, the sources told PTI.