Tata Sons Plans To Offload 23.4 Million Shares In TCS To Raise $1.1 Billion

India's Tata Sons, the holding arm of Tata Group, plans to sell shares in Tata Consultancy Services (TCS) worth up to 93.62 billion rupees ($1.13 billion) on Tuesday, a term sheet showed.

Tata Sons plans to offload 23.4 million shares in the country's top IT services provider, representing 0.65% of TCS' outstanding shareholding, according to the term sheet.

It holds a 72.4% stake in TCS as of Dec. 31, according to exchange data.

The stake sale comes as domestic stock markets hover at record highs, with TCS and the blue-chip Nifty 50 index, of which it is a part, hitting 10 and 15 record highs this year, respectively.

TCS shares will be sold at a floor price of 4,001 rupees apiece, a 3.7% discount to its Monday closing price of 4,152.5 rupees.

J.P. Morgan and Citigroup will be joint bookrunners for the stake sale.

Tata Sons and TCS did not immediately reply to Reuters' requests for comment, while Citigroup and J.P. Morgan declined to comment.

Major shareholders of ITC, Paytm and Zomato have sold their stake in the companies via block deals - where more than 500,000 shares are traded in a single transaction - in the past few months.

Shares of TCS closed 1.6% lower on Monday ahead of the news, amid a broader tumble in IT stocks.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)