Tata Sons Plans To Offload 23.4 Million Shares In TCS To Raise $1.1 Billion

Tata Sons plans to offload 23.4 million shares in the country's top IT services provider, representing 0.65% of TCS' outstanding shareholding, according to the term sheet.

India's Tata Sons, the holding arm of Tata Group, plans to sell shares in Tata Consultancy Services (TCS) worth up to 93.62 billion rupees ($1.13 billion) on Tuesday, a term sheet showed.

Tata Sons plans to offload 23.4 million shares in the country's top IT services provider, representing 0.65% of TCS' outstanding shareholding, according to the term sheet.

It holds a 72.4% stake in TCS as of Dec. 31, according to exchange data.