Shapoorji offloads Rs 397-cr TCS shares to strengthen its balance sheet

Shapoorji Pallonji Group has sold more shares of Tata-owned information technology firm Tata Consultancy Services (TCS) on Thursday, as part of its asset monetisation plan. 

Though the bulk deal data of exchanges did not reveal any specific sell-out by Shapoorji, TV channels said it has sold 1.95 million shares in TCS for Rs 397 crore. This is 0.05 per cent of its shareholding. The company still holds 0.09 per cent of shares in TCS.

TCS witnessed trading of 7.3 million shares worth Rs 1,495.3 crore on Thursday, which is almost the double its monthly average.

Shapoorji Pallonji Group sold some shares of TCS with a view to strengthen the balance sheet,” a company spokesperson said without sharing any numbers. The group sold a similar amount of shares on December 5 for Rs 400 crore. TCS shares ended at Rs 2,016.75 on Thursday, down 1.2 per cent from the previous close. 

Shapoorji Pallonji Group recently faced some issues regarding payment for its debt obligations.

Shapoorji and its parnter requested for revised repayment schedule of the inter-corporate deposits due from their jointly held entities to Sterling and Wilson Solar. After that, rating firm ICRA downgraded the long-term rating of Shapoorji Pallonji and Company.

The group is reportedly looking to sell stake in Eureka Forbes to shore up liquidity.

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