Tata Sons is proposing to sell about 2.34 crore shares of Tata Consultancy Services worth approximately ₹9,300 crore in block deals.
Tata Sons, which holds 72.38 per cent stake in the IT major, is planning to sell the shares at Rs 4,001 a piece. The total number of shares on offer would amount to 0.64 per cent of the total outstanding equity of TCS.
Citigroup and JP Morgan are the joint bookrunners of the proposed share sale, say media reports.
TCS shares declined 1.78 per cent on Monday to settle at Rs 4,144.25. The offer price of Rs 4,001 is at 3.45 per cent discount when compared to the closing price on Monday.
TCS is India's second most-valued listed company after Reliance.
Tata Sons has been in the news recently after media reports said the company is considering options to restructure its balance sheet in a bid to avoid RBI-mandated public listing.
As per Reserve Bank of India norms, Tata Sons, being an upper-layer non-banking finance company, has to go public over the next 18 months. The company was expected to list within the next 1.5 years as the RBI classified Tata Sons as an upper-layer NBFC last year.
