After the news of Tata selling some part of Tata Consultancy Services (TCS) shares, the market has not responded positively. The shares of TCS has fallen nearly 6% at the end of today.
As per the following reports that Tata Sons is planning to raise around Rs 8,200 crore by selling a stake in the IT major. The stock declined 5.46 per cent to Rs 2,885.20 on BSE.
The promoter of major operating companies of the Tata group, Tata Sons is planning to raise around Rs 8,200 crore by selling the stake in IT major TCS, according to investment banking sources. The funding will use to clear out the debts on Tata group.
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The stock was the worst hit among the bluechips on both Sensex and Nifty during the morning trade.
The transactions are likely to happen in this week. Tata Sons are looking to sell around 2.83 crore shares amounting to about 1.48 percent stake in TCS.
Tata Sons declined to comment on the email sent by Pixr8.
After the proposed share sale, Tata Sons holding in Tata Consultancy Services (TCS) will come down to around 72 percent from 73.52 percent as on December 2017.