Tata to sell $1.25 billion stake in TCS to pay debt

Tata Sons To Offload TCS shares Worth $1.25 Billion

Experts are of the view that the proceeds can be used to deleverage the balance sheet of Tata Sons, which paid $1.27 billion to Docomo to settle a dispute with the Japanese telecom giant after it exited their joint venture in 2013.

After the proposed share sale, Tata Sons holding in Tata Consultancy Services (TCS) will come down to around 72 per cent from 73.52 per cent as on December, 2017.

Data available from the NSE showed that the holding firm of the Tata group sold 2.06 crore shares of the country's largest IT services firm at a price of Rs 2,876.46 per share. Shares of Tata Consultancy fell as much as 5.9 per cent in Tuesday's intra-day trading. While previous year Tata Songs boosted its stake in Tata Motors Ltd, the owner of Jaguar Land Rover, it is also planning to buy 6.6 percent additional stakes in Indian Hotels Co. that was held by Tata Trusts.

Since previous year, the conglomerate has been planning to increase its ownership in its largest businesses including Tata Chemicals Ltd. and Tata Steel Ltd.

Fitbit Hopes for 'Mass Appeal' with New $199 USD Versa Smartwatch
Now the company is back with a new smartwatch with a "more approachable" price tag and a brand new activity tracker for kids. The firm also announced a new version of its wearables platform, called Fitbit OS 2.0, that adds numerous new features.

Jose Mourinho Admits United Aren't Among Best in Champions League
Mourinho's men have been written off at various points this campaign and major questions were asked and decisions queries ahead of each of their last three league games.

American Idol premiere on ABC is least-watched in history
Returning host Ryan Seacrest has been accused of sexual harassment by a former "E!" Watch the unusual American Idol moment below. When he entered the room, Luke Bryan instantly said that Trevor was a "dreamboat" and Katy added that her eyes lit up.

When contacted, Tata Sons declined to comment, the report said. Last year, it boosted its stake in Tata Motors Ltd., the owner of Jaguar Land Rover. Citigroup and Morgan Stanley are managing the TCS share sale, touted to be the biggest block trade this year at over 28 million shares.

Consumer price index (CPI) or retail inflation eased to 4.44 per cent in the month of February 2018, from 5.05 per cent in January 2018, slightly in line with analysts expectations.

Incidentally, just last week Bloomberg had reported that Tata Sons is seeking an offshore syndicated loan to repay debt of units Tata Teleservices and Tata Teleservices Maharashtra.

Related News:

Most liked

Counter-terror police investigate death of Russian businessman
Glushkov held a top position with Russia's state airline Aeroflot and worked under Berezovsky in the nineties. Police did not release the man's name saying the man had not been formally identified.

Facebook had a 'role' in Rohingya genocide
She said accountability for the abuses in Rakhine should be "the focus of the worldwide community's efforts to bring long-lasting peace, stability and democratization to Myanmar".

CM Punk I'm Fighting at UFC 225 ... & I'm Gonna Win!
On social media Monday, Punk strongly hinted that he'd be fighting at the event when asked about his next appearance by a fan. Punk, who lives in his native Chicago, immediately said he meant to fight again but has been relatively quiet since.

Apple Maps will make getting around easier with new bike-sharing feature
Apple is adding more features to Apple Maps in order to get the attention of audience who are more tilted towards Google Maps . To try the feature out for yourself, type " bike sharing " in the search field for the option to find out what's nearby.

Dick's Sporting Goods Q4 misses on same-store sales
Group One Trading Lp decreased Taiwan Semiconductor Mfg Ltd (Put) stake by 34,300 shares to 2,400 valued at $90,000 in 2017Q3. It is negative, as 83 investors sold DKS shares while 103 reduced holdings. 94 funds opened positions while 456 raised stakes.

Mourinho shrugs off criticism from 'worst manager' De Boer
De Boer had claimed that Mourinho did not have the patience to let Rashford develop because he was all about getting results. I would say he was in the top five with more matches for two seasons", Mourinho said. 'I try to give the best to the kid.

Sammy Watkins to sign three-year deal with Chiefs
He has caught 192 passes for 3,052 yards and 25 touchdowns through the first four years of his National Football League career. The Bills declined Watkins' fifth-year option and traded him to the Los Angeles Rams in exchange for cornerback E.J.

Investments to Andhra Pradesh due to Modi, says Manikyala Rao
Last week Jaitley categorically declined special status category to state, immediately after which TDP ministers in the Union cabinet resigned .

Shire (SHP) Rating Reiterated by Credit Suisse Group
The stock of Polar Capital Holdings plc (LON:POLR) has "Hold" rating given on Monday, December 11 by Numis Securities. Today, 13 March, TP Icap Plc (LON:TCAP) stock Sell was reconfirmed by Analysts at Shore Capital in a research note.

Apple Changes MFi Logo - Manufacturers Have 90 Days to Respond
This allows the users to directly connect their iPhones without requiring one of Apple's 3.5mm dongles through the Lighting. The new cable would improve the user experience from an audio perspective and add more durability to the entire product.

Mark Hamill Named Patrick's Day 'Guest of Honour'
In addition to Mark's Star Wars connection, research into his family history has found that he has a double-link to Ireland. The second wave of Funko Pop! bobbleheads for Star Wars: The Last Jedi are arriving sometime this year.

Hammond set to unveil consultation on plastic tax
Mr Hammond said he thought the economy may be on the "beginning of a turn in the trajectory of productivity performance". He said: "Our economy will remain and open and outward-looking, confident to compete with the best in the world".

Bears, Allen Robinson Headed Towards Three-Year, $42M Deal
Robinson is coming off a knee injury, but Blanton is still convinced that signing him will bring more good than harm to the Bears. Robinson, a second round pick of the Jacksonville Jaguars in 2014, has 202 catches for 2,848 yards and 22 touchdowns in 43 games.

Sevilla chairman urges team to reach Champions League last 8
After a falling out between Pogba and his manager regarding tactics, the Frenchman was dropped for a number of games. The Red Devils will be without defenders Phil Jones , Marcos Rojo and Daley Blind , and midfielder Ander Herrera .

Trade war could derail global economic recovery, warns OECD
The OECD reported that the unemployment rate for those aged 15 to 24 years was 11.4 percent in January, down by 0.2 percentage point.