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Tata Sons to sell $1.2-bn worth TCS shares in Rs 2,872-Rs 2,925 price range

Reuters/Mumbai 12 Mar 18 | 08:06 PM

Logos of Tata Consultancy Services (TCS) are displayed at the venue of the annual general meeting of the software services provider in Mumbai

India's Tata Sons is set to sell on Tuesday a roughly 1.5 percent stake in its flagship Tata Consultancy Services for about $1.25 billion.

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Tata Sons, which owned 73.5 percent of TCS as of end-December, is selling TCS shares in a price range of Rs 2,872 to Rs 2,925 each, according to a deal term sheet.

That would be a discount of 4.2 to 5.9 percent to TCS's Monday closing price of Rs 3,052.15.

TCS, the top Indian software services exporter, is the second-most valuable company in the country with a market capitalisation of close to $90 billion.

Citigroup and Morgan Stanley are managing the TCS share sale.

($1 = 65.0050 Indian rupees)

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