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Tata Sons Plans To Sell $1.25 Bln Of Its Stake In Tata Consultancy

Tata Sons Ltd., which owned 73.5 percent of Tata Consultancy, plans to sell $1.25 billion of its stake in Tata Consultancy Ltd.

Tata Sons will sell 28.27 million shares of Tata Consultancy or about 1.48 percent stake. The company plans to sell the shares at between 2,872 rupees to 2,925 rupees a share, the terms show. Citigroup Inc. and Morgan Stanley are the bankers to the sale.

Tata Sons noted that it will use the proceeds to pay creditors of its wireless division, according to a person with knowledge of the matter. The company will also use the funds to raise its stake in some of its unit in a bid to reduce cross holdings, the person said asking not to be identified as the matter is private. Tata sold Tata Teleservices Ltd.'s mobile-phone operations to Bharti Airtel Ltd. last year and pledged to pay the unit's obligations.

by RTT Staff Writer

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