Tata Sons to sell more than USD 1 billion worth of TCS shares: Source

Tata Sons, the holding company of salt-to-software Tata conglomerate, is set to sell more than $1 billion worth of shares in flagship Tata Consultancy Services in a block deal.

Headquarters of Tata Consultancy Services (TCS) in Mumbai. (File |Reuters)

MUMBAI: Tata Sons, the holding company of salt-to-software Tata conglomerate, is set to sell more than $1 billion worth of shares in flagship Tata Consultancy Services in a block deal on Tuesday, a source with knowledge of the matter told Reuters.

Tata Sons owned 73.5 percent of TCS as of end-December.

It is planning to sell the TCS shares for 2,872 rupees to 2,925 rupees each, CNBC TV18 reported on Monday.

That would be a discount of 4.2 to 5.9 percent to TCS's Monday closing price of 3,052.15 rupees.