March 12, 2018 / 1:17 PM / 3 months ago

India's Tata Sons selling $1.25 billion worth of TCS shares: term sheet

MUMBAI (Reuters) - India’s Tata Sons [TATAS.UL] is set to sell on Tuesday a roughly 1.5 percent stake in its flagship Tata Consultancy Services (TCS.NS) for about $1.25 billion.

FILE PHOTO - A private security guard stands at the exit gate of the headquarters of Tata Consultancy Services (TCS) in Mumbai, India October 13, 2016. REUTERS/Shailesh Andrade/File Photo

Tata Sons, which owned 73.5 percent of TCS as of end-December, is selling TCS shares in a price range of 2,872 rupees to 2,925 rupees each, according to a deal term sheet.

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

TCS, the top Indian software services exporter, is the second-most valuable company in the country with a market capitalization of close to $90 billion.

Citigroup and Morgan Stanley are managing the TCS share sale.

Reporting by Devidutta Tripathy, Euan Rocha and Fiona Lau of IFR; editing by Jason Neely

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