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Tata Sons to sell TCS stake worth $1.25 billion to pay debt

13 March 2018

Tata Sons holds about 74 per cent in TCS. Proceeds from the TCS stake sale may be used also to hike Tata Sons' holdings in other group companies.

In 2017, Tata sold Tata Teleservices Ltd's mobile phone operations to the BSE-listed Bharti Airtel Ltd, and had promised to service the unit's debt.

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Shares in Tata Consultancy Services fell 5.4 percent. While past 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. They were down 5.1%, headed for the biggest one-day decline in more than three years, at 1:13 Mumbai. The price range represents a 4.2 percent to 5.9 percent discount to its last close. At these prices, the total value of shares sold by Tata Sons stands at around Rs 8,900 crore.

Tata Sons could also fund group companies such as Tata Steel, which is looking to purchase two steel firms - Bhushan Steel and Bhushan Steel and Power - both of which are admitted to the bankruptcy court.

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The conglomerate has been planning to raise its ownership over time in five of its largest businesses including Tata Chemicals Ltd. and Tata Steel Ltd, Bloomberg News reported past year. Last year, it boosted its stake in Tata Motors Ltd., the owner of Jaguar Land Rover. The latter had to shell out $1.2 billion to NTT DoCoMo a year ago in order to settle the long-standing dispute with the Japanese telecom giant after it exited their joint venture in 2013.

Tata Sons intends to use the proceeds from the share sale to reduce debt in the group's telecom arm Tata Teleservices which has debt of around Rs 40,000 crore, the sources told PTI.

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Tata Sons to sell TCS stake worth $1.25 billion to pay debt