Tata Sons, the holding company of the Tata Group, will be selling 2.34 crore shares or 0.65 per cent equity of Tata Consultancy Services through a block deal for ₹9,362.3 crore ($1.13 billion).
According to the term sheet, seen by businessline, the floor price of the deal has been fixed at ₹4,001 a share, a discount of 3.65 per cent to the closing price of TCS today. The deal will likely take place on Tuesday, sources said. JP Morgan and Citigroup are joint book runners to the deal.
According to the December-end filing, Tata Sons holds a 72.38 per cent stake in TCS.
