The holding company of the Tata Group intends to sell TCS shares for Rs 4,001 each, which represents a 3.6% reduction to the closing share price on March 18.
The floor price is less than the most recent trading price by 3.6 percent. TCS's BSE shares closed 1.8 percent lower on March 18 at Rs 4,144.25, after reaching an intraday high of Rs 4,254.75.
As of December 31, 2023, promoters owned 72.41 percent of TCS; Tata Sons held 72.38 percent, and Tata Investment Corporation held the remaining portion. The proposed share sale is reportedly being co-managed by Citigroup and JPMorgan.
2.34 crore shares amount to 0.65% of TCS's equity. TCS is the second most valuable listed business in India, behind Reliance Industries Ltd (RIL) under Mukesh Ambani, with a market capitalization of Rs 15 lakh crore.
Tata Group equities have been in the spotlight after a report from Spark Capital in March mentioned that Tata Sons might go public by September 2025, when it will have been designated by the Reserve Bank of India for three years as an upper-layer NBFC.
Tata Group equities have been in the spotlight after a report from Spark Capital in March mentioned that Tata Sons might go public by September 2025, when it will have been designated by the Reserve Bank of India for three years as an upper-layer NBFC.