Tata Sons’ stake in TCS may fall post buyback
Synopsis
Shares of TCS, the country’s largest software exporter, rose 3.19 per cent to close at Rs 2,824.80 on Thursday on better-than-expected second quarter results. Most analysts are projecting a price target of Rs 3,300-4,000 on TCS in the foreseeable future.
Mumbai: Tata Sons will likely end up lowering its stake in software unit Tata Consultancy Services after the Rs 16,000-crore share buyback as the price offered to repurchase equity is unlikely to entice majority of the minority shareholders. With the TCS stock trading at 6 per cent below the share buyback price of Rs 3,000 apiece and the outlook for technology shares strong, fund managers told ET most institutional investors may not give up
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