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: Man attacks SUV with sledgehammer as driver tries to flee crash
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: Experts Are Investigating A Cluster Of Lung-Related Deaths In Dentists
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: 'Star Wars: The Last Jedi' Featurette Brings The Crystal Foxes To Life
- Telford council: 'Bring child exploitation review forward'
- Matt Le Tissier: Mauricio Pellegrino was too negative at Southampton
- Rain & Snow Early, Slowly Clearing Skies Tomorrow
- PA blames Hamas after explosion targets Palestinian PM entering Gaza
- GameMaker Studio 2 adds Nintendo Switch support
- Oregon Ducks to open NCAA women's tournament against Seattle
- Trump foresees 'tremendous success' in coming talks with N. Korea
- Newly-released DoD video purportedly shows Navy pilot's encounter with UFO
- Drunk bride crashed vehicle en route to nuptials, cops say — WEDDING CRASHER
- Cholesterol drug significantly reduced patients' risk of death in trial