SP group sells TCS shares again to reduce debt

The Shapoorji Pallonji (SP) Group has sold nearly 19 lakh shares in Tata Consultancy ServicesNSE 1.61 % (TCS) on Thursday to raise around Rs 380 crore, according to sources. This is the second sale by the debt-laden group in this month. Last week it sold nearly 20 lakh shares of TCS to raise about Rs 400 crore.

In a stock exchange filing last month the group said it would reduce the outstanding debt in listed firm SterlingNSE 1.06 % and Wilson Solar by Rs 1,000 crore by December 31, 2019. The group has paid Rs 250 crore to Sterling and Wilson and the remaining Rs 750 crore will have to be paid by December end.