March 12, 2018 / 1:18 PM / 10 days ago

Tata Sons selling $1.25 billion worth of TCS shares

MUMBAI (Reuters) - 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.

FILE PHOTO: Logos of Tata Consultancy Services (TCS) are displayed at the venue of the annual general meeting of the software services provider in Mumbai, June 29, 2012. REUTERS/Vivek Prakash/File Photo

Tata Sons, which owned 73.5 percent of TCS as of end-December, is selling TCS shares in a price range of 2,872 rupees to 2,925 rupees 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 3,052.15 rupees.

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)

Reporting by Devidutta Tripathy, Euan Rocha and Fiona Lau of IFR; editing by Jason Neely

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