Mumbai: Tata Consultancy Services Ltd, or TCS, the country’s largest software exporter, revealed Thursday that its main promoter Tata Sons has pledged 11.14%, or 10.89 crore, of TCS shares with lenders. TCS provided the information to the National Stock Exchange, or NSE, but did not give details about the timing of the pledges.
Tata Sons held a 73.75% stake in TCS at the end of the quarter ended 31 December 2008.
Using Thursday’s market price of TCS stock, the pledged shares would have fetched the promoter over Rs5,610.26 crore.
TCS is the latest Tata group company after Tata Steel Ltd, Tata Motors Ltd, Tata Communications Ltd, Tata Teleservices Maharashtra Ltd, and Tata Power Company Ltd, among others, to disclose promoter pledging of shares. The promoters of 10 Tata group companies have pledged a total of about 128 crore shares so far.