March 12, 2018 / 1:12 PM / 2 months ago

Tata Sons to sell more than $1 bln worth of TCS shares -source

MUMBAI, March 12 (Reuters) - Tata Sons, the holding company of salt-to-software Tata conglomerate, is set to sell more than $1 billion worth of shares in flagship Tata Consultancy Services in a block deal on Tuesday, a source with knowledge of the matter told Reuters.

Tata Sons owned 73.5 percent of TCS as of end-December.

It is planning to sell the TCS shares for 2,872 rupees to 2,925 rupees each, CNBC TV18 reported on Monday.

That would be a discount of 4.2 to 5.9 percent to TCS’s Monday closing price of 3,052.15 rupees. (Reporting by Devidutta Tripathy and Euan Rocha; editing by Jason Neely)

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