Saturday, 15 December, 2018

Tata Sons said to raise $1.38 billion in upsized TCS offering

Tata Sons Ltd India’s biggest business group plans to sell $1.25 billion of its stake in Tata Consultancy Services, according to terms of the transaction Tata Sons To Sell Tata Consultancy Stake Worth $1.25 Billion To Repay Debt
Orlando Vargas | 14 March, 2018, 10:46

Led by the drop in the stock, the companys market valuation tumbled Rs 30,512.89 crore to Rs 5,53,698.11 crore.

Shares of Tata Consultancy Services (TCS) declined over 5% on Tuesday following reports that Tata Sons is planning to raise around Rs 8,200 crore by selling a stake in the IT major.

Mumbai: Tata Sons Ltd on Tuesday sold shares worth almost Rs9,000 crore in IT major Tata Consultancy Services Ltd, according to NSE data.

The shares of Asia's largest software developer (TCS) were sold in block deals to investors.

After the proposed share sale, Tata Sons holding in Tata Consultancy Services (TCS) will come down to around 72 per cent from 73.52 per cent as on December, 2017.

Airline apologizes after dog dies while placed in overhead bin during flight
United , which is based in Chicago, said Tuesday that it is investigating the incident and talking to the flight attendant. Today, I boarded my first United Airlines flight. "There was some disconnect, but I don't know where that is".


Ronda Rousey on UFC return: 'WWE is what I enjoy right now'
WWE now has John Cena advertised to appear and tonight's RAW saw Cena issue a WrestleMania 34 challenge to The Dead Man. Last week on Raw , her debut match was finally made official.


AP Assly slams Centre for 'careless attitude' over state Act
When the state was divided based on sentiment, is it not the Centres responsibility to honour the sentiment now? he asked.


A year ago in October, Tata Group had agreed to sell its loss-making mobile telephony business to Bharti Airtel on "a debt-free cash-free basis".

Last week, Tata Sons said it will invest at least Rs 1,077 crore to hike stake in the BSE-listed hospitality arm Indian Hotels Co Ltd. Citigroup Inc. and Morgan Stanley are the bankers to the sale.

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 a year ago. The price range represents a 4.2 percent to 5.9 percent discount to its last close.

The holding company is also seeking an offshore syndicated loan, as it seeks to pay down expensive debt at telecommunications unit, people familiar with the matter said last week. The plan is to reduce the considerable debt obligations in the wireless telecom units - Tata Teleservices and Tata Teleservices (Maharashtra) - and to spruce up equity interests in key Tata group companies.

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