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TCS share price up 2.43% after Shapoorji Pallonji Group sells more shares in open market: Report

The move is part of SP’s asset monetisation plan to deal with its Rs 30,000 crore debt.

December 13, 2019 / 03:44 PM IST
 
 
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At the closing of December 13, TCS was quoting at Rs 2,070.00 up by Rs 49.10 or 2.43 percent.

It happened as the Shapoorji Pallonji (SP) Group sold more of its shares in Tata Consultancy Services (TCS) in the open market on December 12, according to The Times of India.

Moneycontrol could not independently verify the report.

Over 71 lakh TCS shares were sold on the NSE and close to 2 lakh shares on the BSE on December 12. It is yet uncertain how much of this was sold specifically by the SP Group.

This is their second such stake sale in December. The group’s Sterling Investment Corporation and Cyrus Investments sold 19.90 lakh shares of TCS in the open market on December 4 and raised Rs 400 crore.

The move is a part of SP’s asset monetisation plan to deal with its Rs 30,000 crore debt.

The stake sale comes at a time when rating agencies have downgraded SP’s debt instruments and its renewable infra company Sterling & Wilson Solar, which has been impacted by the IL&FS debacle. The deadline for the repayment of Sterling’s debt is December 31.

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