Then there is the debt of over Rs 40,000 crore owed by Tata Teleservices, even as the sale of the consumer wireless unit to Bharti Airtel awaits regulatory approvals.
The conglomerate has been planning to raise its ownership over time in five of its largest businesses including Tata Chemicals and Tata Steel, Bloomberg News reported a year ago. In the bargain, the share price of the fastest growing IT services brand in the world - according to leading brand valuation firm, Brand Finance - cracked over 5% in the morning trade. Last week, Tata Sons said that it will buy a 7-per cent stake in group company Indian Hotels for over Rs1,000 crore on or after 13 March, which will increase its stake from 30 per cent to 37 per cent in the hospitality chain.
When contacted, Tata Sons declined to comment. That's a discount of 4-6% on TCS' Monday closing price of Rs 3,052 on the BSE. Last year, it boosted its stake in Tata Motors Ltd, the owner of Jaguar Land Rover.
Dick's Sporting Goods Shares fall as Store Sales miss
It dived, as 57 investors sold XOM shares while 806 reduced holdings. 47 funds opened positions while 102 raised stakes. Dick's Sporting Goods, Inc . operates as a sporting goods retailer primarily in the eastern United States. (NYSE: DKS ).
According to analysts, using the stock of TCS to deleverage the parent company's balance sheet market sense "It is always better to use a stock as a currency to deleverage balance sheet when you have a higher stake in a company", said a fund manager who did not want to be named.
Citigroup and Morgan Stanley managed the offering.