Led by the drop in the stock, the companys market valuation tumbled Rs 30,512.89 crore to Rs 5,53,698.11 crore.
Mumbai: Tata Sons on Tuesday sold around 3.13 crore shares of Tata Consultancy Services (TCS) through open market transactions, raising almost Rs 9,000 crore.
As of 10.30 am today, a whopping 3,23,52,039 shares of Tata Consultancy Services Ltd (TCS) got traded in bulk deals on the National Stock Exchange (NSE) as well as the Bombay Stock Exchange (BSE).
Tata Sons will use the proceeds to pay creditors of its wireless division, a person with knowledge of the matter said Monday. A part of the proceeds will be used to raise its holdings in some listed units, the report added. Tata Sons announced the sale of the consumer mobile services business to Airtel in October 2017 and had agreed to take care of the unit's debt obligations.
IIP quickens to 7.5%, inflation softens
It is set to increase by just 0.2% for both headline and core, which should keep the core year over year pace unchanged at 1.8%. The consumer price inflation could be below 5 percent for the next two months followed by a rebound to 5.8-5.9 percent.
Tata Sons plans to use the money it raises to pay lenders to the company's subsidiary Tata Teleservices and raise stake in some other units, unidentified people told the news outlet. Tata sold Tata Teleservices Ltd.'s mobile-phone operations to Bharti Airtel Ltd. previous year and pledged to pay the unit's obligations.
Since a year ago, the conglomerate has been planning to increase its ownership in its largest businesses including Tata Chemicals Ltd. and Tata Steel Ltd.
Citigroup and Morgan Stanley managed the offering.
Incidentally, just last week Bloomberg had reported that Tata Sons is seeking an offshore syndicated loan to repay debt of units Tata Teleservices and Tata Teleservices Maharashtra.