UPDATE 1-Tata Group raises $125 mln in block trade of TCS
Published: 06 May 2009 02:41:39 PSTHONG KONG, May 6 - Tata Group on Wednesday sold a block of shares it owns in Tata Consultancy Services Ltd, raising around $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 vehicles, commodities and services businesses. TCS is India's biggest software services exporter.
Tata Group, a majority shareholder in TCS, sold 10.34 million shares at 615 Indian rupees each.
The sale brings Tata Group's ownership of the company down 1 percentage point to 75 percent.
Several Asian companies and investors have taken advantage of the recent stock market rally to raise money through block trades and share placements.
Citigroup served as the sole bookrunner for the deal. The bank declined to comment.
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