In block agreements, Tata Sons would “sell” 2.3 crore Tata Consultancy Services shares

<p>Following rumors that its promoter Tata Sons may sell a minority interest in the IT giant, shares of Tata Consultancy Services (TCS) fell by about 2% on Monday.</p>
<p><img decoding=”async” class=”alignnone wp-image-526238″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-in-block-agreements-tata-sons-would-sell-2-3-crore-tata-consultancy-services-share.jpg” alt=”theindiaprint.com in block agreements tata sons would sell 2 3 crore tata consultancy services share” width=”1000″ height=”623″ title=”In block agreements, Tata Sons would "sell" 2.3 crore Tata Consultancy Services shares 3″></p>
<p>Tata Sons, the business that promotes TCS, is reportedly seeking to sell up to 2.3 crore shares on Tuesday via block agreements, which equates to 0.64% of the company’s ownership.</p>
<p>According to the sources, the offer price for the block purchase is probably Rs 4,001 per share, which represents a 3.45% reduction from TCS’s closing price on Monday. The company’s shares fell 1.78 percent to end the day at Rs 4,144.25 a share on the NSE.</p>
<p>It dropped 1.72 percent to Rs 4,144.75 per share on the BSE. TCS shares reached their 52-week high throughout the day on the NSE and BSE, respectively, at Rs 4,254.75 and Rs 4,254.45 a share. Volume-wise, throughout the day, 39,000 shares were traded on the BSE and 15.27 lakh equity shares were traded on the NSE.</p>
<p>As of December 2023, promoters and promoter group companies controlled 72.41% of TCS, with Tata Sons controlling 72.38% of the shares.</p>
<p>The Tata Group’s shares have gained attention after a March Spark Capital research said that, in order to comply with RBI’s scale-based restrictions, Tata Sons may go public by September 2025.</p>
<p>RBI has mandated that within three years, upper-layer NBFCs must list on stock markets. One of the top 15 non-banking financial companies is Tata Sons.</p>