Tatas sell TCS stake worth over Rs 1,000 cr

Tata Sons, which previously held 76.67 crore shares representing 78.35 per cent now holds 77.51 per cent stake in the IT firm, representing 75.85 crore shares. Going by Thursday’s TCS market price of Rs 1,300 per share, the sale would have fetched around Rs 1,062 crore. Additionally, the Tata group will contribute Rs 18,450 crore ($4.1 billion) towards Tata Steel’s Rs 54,000 crore ($12 billion) Corus acquisition.

Meanwhile, Tata Steel, which is set to become the world’s fifth-largest steel company, is planning a preferential allotment to parent Tata Sons to raise around Rs 4,000 crore.

The preferential allotment, which is meant to part-fund the $4.1 billion equity contribution for the Corus buyout, will raise Tata group’s holding in the flagship company from 26.7 per cent to 31 per cent.