Tata Group raises $125 mln in block trade of TCS
Published: 06 May 2009 02:25:02 PSTHONG KONG, May 6 - Tata Group on Wednesday sold a block of shares it owns in Tata Consultancy Services Ltd <TCS.BO>, raising $125 million, according to a source close to the matter.
Tata Consultancy (TCS) is part of Tata Group, a family-run Indian conglomerate that spans autos, commodities and services businesses.
Tata Group, a majority shareholder in TCS, sold 10.34 million shares at 615 rupees each.
Several companies have taken advantage of the stock market rally to raise money through block trades and share placements.
Citigroup served as the sole bookrunner for the block trade, according to the source.
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