Tata Sons was looking to sell around 2.83 crore shares amounting to about 1.48 percent stake in TCS, the sources added.
Shares of Tata Consultancy, Asia's largest software developer, fell as much as 5.9% in Tuesday trading.More news: The Death Star No Longer, 'American Idol' Still Draws a Crowd
In 2017, Tata sold Tata Teleservices Ltd's mobile phone operations to the BSE-listed Bharti Airtel Ltd, and had promised to service the unit's debt.
Reports suggested that the promoter sold more than 1.5 percent stake worth close to Rs 10,000 crore at around 5 percent discount to Monday's closing price through block deals in opening trade. Tata Sons may buy the stakes from other Tata Group affiliates, which would help to reduce cross-shareholdings, according to the person.
According to The Economic Times, experts say that the proceeds of this sale may be used to deleverage the balance sheet of Tata Sons.More news: United States detecting some Taliban interest in Afghan peace talks - Mattis
The conglomerate has been planning to raise its ownership over time in five of its largest businesses including Tata Chemicals Ltd. and Tata Steel Ltd., Bloomberg News reported a year ago.
Citigroup Inc. and Morgan Stanley are arranging the offering of Tata Consultancy stock, according to Monday's terms.
Tata Sons plans to use the money it raises to pay lenders to the company's subsidiary Tata Teleservices and raise stake in some other units, unidentified people told the news outlet. The $1.5 billion six-year loan is set to be the first offshore syndicated facility taken out by Tata Sons since 2007.More news: Rain & Snow Early, Slowly Clearing Skies Tomorrow
- Cholesterol drug significantly reduced patients' risk of death in trial
- Oregon Ducks to open NCAA women's tournament against Seattle
- Bills have 'some interest' in QB Sam Bradford — NFL free agency
- After Ivan Rakitic, Philippe Coutinho supports Neymar's Barcelona return from PSG
- Kagiso Rabada given two-match ban after Steve Smith collision
- Woods, Els to be named Presidents Cup captains
- Drunk bride crashed vehicle en route to nuptials, cops say — WEDDING CRASHER
- PA blames Hamas after explosion targets Palestinian PM entering Gaza
- Man attacks SUV with sledgehammer as driver tries to flee crash
- Rad claims fourth gold medal for Ukraine at 2018 Winter Paralympics