Tata Group sells 23400000 shares of this company worth...

Tata Group became the first Indian conglomerate to cross Rs 30 lakh crore market capitalisation in February last month. The group comprises 18 firms including Tata Motors and Tata Tech. The group is run by its parent company Tata Sons, which has offloaded shares worth around Rs 9,300 crore in Tata Consultancy Services (TCS). According to a filing, Tata Sons sold 23400000 shares through an open market route amounting to 0.65 per cent stake in TCS on March 19. 

Calculated on the basis of the closing price of Rs 3,977.55 on March 19, the deal value comes to Rs 9,307.46 crore. The block deal initiated by Tata Sons was aimed to offload up to 2.34 crore shares of TCS at a floor price of Rs 4,001 per share. This floor price represented a 3.65 per cent discount from Monday's closing price of Rs 4,144.75 apiece.

The market cap of TCS was Rs 1438000 crore as of March 21, 2024. The share price of the IT major closed at Rs 3,979.45 apiece on NSE. The share witnessed a decline in the previous three trading sessions. As of December 2023, promoters and promoter group entities hold a 72.41 per cent stake in TCS, of which 72.38 per cent shareholding is owned by Tata Sons. Tata Sons shares had slipped on stock exchanges from March 18 to March 20, amid reports that its promoter Tata Sons is likely to sell a minority stake in the IT major.

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