TCS Shares Dropped 3% Today: Amid Speculations to Sell 2.34 Crore Shares
By: Geetanjali
Today TCS (Tata Consultancy Service) share price has dropped by 3%. After the news has spread regarding Tata Sons looking to sell its 2.3 crore shares of its cash cow unit TCS through a block deal to raise Rs.9,362 crores.
As per the reports, the salt-to-tech conglomerate is looking forward to selling stakes of its IT giant TCS at a floor price of Rs.4,001 per share, which is at a 3.7% discounted rate than the usual per share price.
TCS shares have dropped at a price of Rs.4,021.40 on National Stocks Exchange which is 1.8% lower than the previous session of Rs.4,218.25 on NSE (National Stocks Exchange). Currently, 72.4% of TCS stocks are being owned by Tata Sons. After the speculated selling of shares, Tata Sons will hold 72% of ownership in India’s second most valued listed company TCS.
This can be an attempt by the TCS to avoid getting mandatory listing as per RBI’s “upper layer” NBFC rules. Tata Trust has been looking for ways to avoid the IPO listing of TCS.
