Tata Sons sold one per cent stake in TCS.
Tata Sons has sold shares of TCS under the recently concluded share buyback program of TCS, the country’s largest IT (IT) company. Tata Sons has raised Rs 10,000 crore from this.
The percentage share left in TCS- Post completion of the repurchase, Tata Sons’ stake in TCS stands at 72.16 per cent. At the price of around Rs 3,000 per share, the value of Tata Sons’ share sale under the repurchase is Rs 9,997 crore. Tata Investment Corporation, another promoter group company, has sold shares worth about Rs 3.7 crore to TCS under the Rs 16,000-crore share buyback scheme of the IT giant. Under this offer, which closed on January 1, TCS bought back 5.33 crore equity shares. About 16,000 crore rupees have been spent under repurchase. Tata Investment Corporation has sold 12,584 shares of TCS.
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Recently 11 lakh crores was mcap On December 28, TCS’s market cap had crossed 11 lakh crore for the first time. TCS is the second company to join the 11 lakh market cap club. Prior to this, Reliance Industries has achieved this position.Also read: Relief from rising prices of petrol and diesel! Center is brainstorming on several options including reduction in excise duty
Prior to this, TCS joined the 10 lakh crore market cap club on 5 October 2020 itself. During that time, the stock had gained more than 6 per cent and reached a price of Rs 2679. At the same time, the company’s market cap had increased to 10.03 lakh crore. Since then, the company has taken about 2 months and 23 days to increase its market cap by 1 lakh crore.