TCS buyback: Tata Sons sells shares worth Rs 10,000 crore

Tata Sons, the holding company of salt-to-software Tata Group, has raised about Rs 10,000 crore from selling close to 1 per cent holding in Tata Consultancy Services (TCS) in the IT firm’s recently concluded share buyback.

Tata Sons tendered 3.33 crore shares in the group’s most profitable firm’s share buyback plan, according to a company’s filing to the stock exchanges.

Post completion of the buyback, where the company will buy shares and extinguish them, Tata Sons will hold 72.16 per cent of TCS.

At the buyback price of Rs 3,000 apiece, Tata Sons’ share sale amount comes to Rs 9,997 crore.

Tata Investment Corporation – another promoter group firm – tendered shares worth about Rs 3.7 crore of TCS during the IT major’s Rs 16,000 crore-buyback offer.