Tata Sons sells 0.86% in TCS
Tata Sons on Tuesday sold a little sliver of its Tata Consultancy Services pie, parting with 0.86 per cent equity stake in the company to raise Rs 900 crore. Tata Sons owns 79.5 per cent equity stake in TCS, according to the shareholding pattern as on September 30, 2006. In a bulk deal on the BSE, Tata Sons sold 85 lakh shares, at Rs 1,059 per share. Of this, 70.96 lakh shares were bought by Mauritius-based HSBC Global Investment Fund for Rs 751 crore.
Raising Funds
The sale price was the lowest touched by TCS on the BSE on Tuesday, which saw the scrip close at Rs 1,106 after gaining Rs 31.7 over the day.
Analysts said Tata Sons is raising funds for the many big-ticket acquisitions announced by the Tata group companies recently.
Tata Tea is acquiring 30 per cent stake in US-based Energy Brands Inc for Rs 3,150 crore, while Tata Steel recently won approval for its $8 billion (Rs 36,000 crore) takeover bid for Corus. Tata Tea has said that it would raise up to Rs 460 crore through preferential issue of equity shares with attached warrants to Tata Sons.
Of the total equity contribution required for the Energy Brands acquisition, $192 million (Rs 890 crore) will be provided by Tata Tea and $58 million (Rs 270 crore) by Tata Sons Ltd.
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