Tata Sons sells over 2 crore shares of TCS in Rs 9,000-crore block deal, stock down 3%

Tata Sons sold over 2 crore TCS shares in a block deal, causing a 3% price drop. The deal is likely worth Rs 9,000 crore. Tata Sons owned 72.38% stake in TCS. While there is no official clarification for the reason behind stake sale yet, it is being believed that the fundraising could be to pare debt and may even help the conglomerate avoid Tata Sons IPO.

from Economic Times https://ift.tt/PRoB0OL