CorporatePromoter entities sell 2.73 cr shares in TCS
The country"s largest software exporter, Tata Consultancy Services (TCS), today said various promoter group entities sold over 2.73 crore shares in the company, representing a 2.03 per cent stake, over a period of a little more than one year.
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While the company did not disclose the prices at which 2,73,36,993 shares were sold by the five entities, these many shares would be worth Rs 1,857.82 crore at the current market price.
Three of these entities — Sheba Properties, Tata, and The India Hotels Company — offloaded their entire holding in the company during this period, while two others still have equity in TCS, after the shareholding movement from September 30, 2008 to November 17, 2009, as per the disclosure made by the TCS on the Bombay Stock Exchange (BSE).
Jamsetji Tata Trust held 55,80,140 shares as on September 30, 2008, IT firm allotted 55,80,140 bonus share to it on June 18, 2008. The trust has sold 1 crore shares since September 30, 2008.
Jamsetji Tata Trust holds 11,60,280 shares in the TCS as on November 17.
Another promoter, Navajbai Ratan Tata Trust held 27,23,672 shares of TCS as on September 30, 2008, the IT firm issued 27,23,672 shares as bonus shares on June 18, 2009.
Navajbai Ratan Tata Trust has sold 50 lakh shares since September 30, 2008.
After the period of movement in shareholding from August 7, to September 11, 2009, Navajbai Ratan Tata Trust now holds 4,47,344 shares as on November 17, 2009.
Shares of TCS today closed at Rs 679.60 on the BSE, down 1.03 per cent from its previous close.