tata consultancy services ipo analysis

7/27/2019 Tata Consultancy Services IPO Analysis

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T A PAI MANAGEMENT INSTITUTE | MANIPAL

TATA CONSULTANCY SERVICES IPO

Discussion & Analysis | Investment Banking

Submitted By

Amartya Dey 12408

Deepak Poddar 12419

Rahul K 12438Surajsinh Gaikwad 12456

All the sources of data and other information have been mentioned in the document. All the

views of the authors are personal opinions, and are not necessarily correct.


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Tata Consultancy Services IPO

Question 1: What is the market capitalization of the company at

the start and the end?

Financial Year No. of SharesOutstanding

Market Price(Last Trading Day)

Market Capitalization( Crores)

2008-09 97,86,10,498 538.55 527032012-13 195,72,20,996 1556.85 304710

Question 2: What is the net worth of the company at start and at

end?

Financial Year Share Capital(Crores)

Reserves & Surpluses(Crores)

Net Worth-Consolidated( Crores)

2008-09 197.86 15502.15 15700.01

2012-13 295.72 38350.01 38645.73

Question 3: What is the debt -equity structure at start and at

end?

Financial Year Equity (in crores) Debt (in crores)

2008-09 97.86 48.132012-13 195.72 130.98

2008-09Equity

No. of Shares Face Value

97,86,10,498 1

Debt

Secured Loan 36.44 crores INR

Unsecured Loan 11.69 crores INR

2012-13Equity

No. of Shares Face Value

195,72,20,996 1

Debt

Secured Loan 129.46 crores INR

Unsecured Loan 1.52 crores INR


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Question 4: What was the capital market activity of the company

during the period, i.e., IPO, FPO, Rights, Bonus, ADR/GDR, FCCB,

private placement of equity to institutions and promoters?

The Capital Market activities of the Company during the period were as follows:

F.Y. 2009-10 Bonus Issue

o The company issued fully paid-up bonus shares during the year. The Bonus issuewas a 1:1 issue, resulting in an issue of 97.86 crore equity shares.

The company wanted to reward its shareholders, but not with cash (Most probably did not want toreduce cash balance and it anticipated that it could generate adequate returns good enough toservice the increased equity) .This is why the company issued bonus shares.

There were no other capital market activities that were undertaken by the company during the periodunder consideration.

Question 5: At what price did they place equity, and what were

the book value, market price and P/E multiple at the point of

placing, one month before and after. If it is an FCCB, what wasthe exchange rate prevailing before the placement, after and now?

How does the value of the firm, value of equity change with

change in Exchange rate?

The Price Band for the IPO of TCS Limited was fixed between Rs 775- 900 per share. The issue wasfinally completed at a consideration of Rs 850/- per share.

The Respective Book Values prior and post issue were as follows:

Financial Year Net Worth (Crores) No. of Shares Outstanding Book Value PerShare

2003-04 47.08 36440002 12.912004-05 3477.54 480114809 72.43

The Company was listed on the NSE on the 25th of August 2004. The Market Price of the share onthe date of listing and one month post it was as follows:

Date Of Listing Listing Price Post Month Date Closing Price

25th August 2004 1049 25th September 2004 987.95

The P/E multiple of the company on the basis of the EPS for the year ended 31st March 2004 is asfollows:

EPS: 47.37 (Excluding Exceptional Items-Consolidated)

Date Market Price P/E Multiple

25th August 2004 1049 22.1425th September 2004 987.95 20.85

The company did not raise any money via the FCCB mode initially, and the same has not been usedtill date.


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Question 6: Discussion and analysis about the IPO of TCS in 2004

Issue Summary

Type Public issue, 100% Book Building

Size Rs. 43 billion to Rs. 50 billion

Price Rs. 775 to Rs. 900 per shareFace Value Re. 1 per shareShares on offer 55.45 millionIssue opens July 29, 2004Issue Closes August 5, 2004Minimum Subscription 7 sharesLead Managers JM Morgan Stanley, DSP Merrill Lynch, JP MorganListing BSE and NSEPromoters TATA Sons LimitedPromoters post issue holding 82.70%

Issue Structure

QIBs Non-institutionalInvestors

RetailInvestors

Number of shares 29,944,410 7,486,090 12,476,840% of net offer to public

(non-employees)60% 15% 25%

Minimum bid/ Application size Rs. 50,001 Rs. 50,001 7 shares

In multiples of 7 shares 7 shares 7 sharesMaximum bid/Application size Not exceeding the

size of the offerNot exceeding the size

of the offerRs. 50,000

Note: 10% of the shares on offer (i.e. 5.45 million shares) are reserved for employees of TCS.

Reasons for taking TCS public

To project the company as a private sector IT major in the global markets To provide a separate corporate identity

(The TCS division had been functioning on the principle of a separate commercial entity andwas paying royalty for use of Tata's brand name till now, as said by Ratan Tata.)

To create a public trading market for the equity shares of the company by listing them on thestock exchanges

To utilise net proceeds of the fresh issue to pay transfer consideration of Rs 23 billion toTata Sons

To enhance visibility and brand name To use their equity shares for acquisitions

Promoters

TCS is promoted by Tata Sons, which holds around 90% of the outstanding pre-offer equity shares.The principal business of Tata Sons is investment holding and TCS is one of its major operatingdivisions. In addition to the TCS division, Tata Sons has three other operating divisions:

Tata Economic Consultancy Services


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Tata Financial Services Tata Quality Management Services

The equity shares of Tata Sons are not listed on any stock exchange. Charitable trusts hold the largestportion (around 66%) of its outstanding equity shares.

A study on the IPO

Reasons to Apply Reasons not to Apply

Management Experience Cash crunch as it has to pay Rs. 23 billion toTATA Sons

Huge outsourcing opportunity Decreasing cost advantageScale advantage Political concerns

Less leveraged on the USA as compared toInfosys and Satyam

Conflict of interest of TCSs promoter TATASons Tata Infotech, Tata Elxsi, and Tata

Technologies, a subsidiary of Tata MotorsLow attrition at 6.1% in FY 2004

Study of the price of the IPO and the cash crunch

Weighted Average Earnings per Share (EPS)

Year Pro-forma profit after Indian tax(after restatement) (Rs. Million)

Number of shares(Million)

EPS (Rs.) Weight

Fiscal 2001 8,625 455.5 18.94 1

Fiscal 2002 11,450 455.5 25.14 2Fiscal 2003 11,764 455.5 25.83 3

Weighted Average 24.45

P/E Multiple

Serial Number Ranking Industry P/E

1 Highest 40.80

2 Lowest 6.203 Average Industry Composite 28.90

Note: Based on Capital Market Vol. XIX/04 dated April 26 May 9, 2004 for the Categorysegment Computers-Software-Large.

The Offer Price was determined on the basis of the demand from investors through the Book-Building Process and is justified based on the above accounting ratios. The face value of the Equity

Shares is Re. 1.

Through the book-building process, the price range that was discovered per share: Rs. 775-900. Outof the 55.4 million shares on offer, around 32.7 million shares are Offer for Sale by Tata Sons,

while the remaining portion of 22.7 million shares is a fresh issue. The proceeds from the formerwould go straight to the books of Tata Sons, and would not be added to the balance sheet of TCS.


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Tata Consultancy Services (TCS) will pay Tata Sons Ltd, the holding company of the group, Rs 23billion (US$497.1 million) as part of a net asset transfer after its initial public offer (IPO), which

would also include use of the group's brand identity.

Quote:The Rs 23 billion is a consideration for transfer of TCS division to a corporate entity TCS Ltd, Tata

Sons chairman Ratan N Tata told reporters on Wednesday. The TCS division had been functioningon the principle of a separate commercial entity and was paying royalty for use of Tata's brand nametill now, he said.

(Source:http://www.atimes.com/atimes/South_Asia/FG23Df04.html)

Now, even if TCS offered the fresh issue at the highest price i.e., Rs. 900 per share, the total willamount to only Rs. 20.4 billion. If we add the cash available to TCS on its books i.e., Rs. 1.6 billion,even then TCS falls short by Rs. 1 billion. In the event that payment of the consideration is delayedbeyond the period of three days from the date of receipt of trading permission from the StockExchanges for the Equity Shares, interest at mutually agreeable commercial rates, which we currentlyexpect to be approximately 6% per annum, would be payable to Tata Sons. (Red Herring

Prospectus)

It is interesting to note that many analysts had pegged the price at Rs. 1100 per share as the upperlimit. To be able to pay the total consideration of Rs. 23 billion out of the fresh issue of equity, TCSshares have to be sold at Rs. 1013.26 per share.

Using regression, we find the EPS for the year 2004 to be Rs. 30.19 per share. Then the P/E multipleat Rs. 1013.26 per share would be 33.56 which is higher than the average industry composite P/Emultiple of 28.90.

At the price of Rs. 775, the P/E multiple of TCS would be 25.67, while at the price of Rs. 900, theP/E multiple would be 29.81, which is higher than the average industry composite. During the sametime, the P/E multiple of Infosys was 31.20 while that for Satyam was 20.40. Thus, the P/E multipleof TCS would be at a discount to that ofInfosys.

It is also interesting to note that though the cash equivalent of TCS in this period was only about Rs.1.6 billion, at the same period the cash equivalent in the books of Infosys was Rs. 26.6 billion, whilethat of Wipro was Rs. 21.7 billion.

Thus, though in terms of revenues and several other parameters, TCS might be doing better thanInfosys, it had been priced correctly at a discount to the latter because of its cash crunch. Infosys wasmuch better poised to make acquisitions and expand considering its cash reserves.
http://www.atimes.com/atimes/South_Asia/FG23Df04.htmlhttp://www.atimes.com/atimes/South_Asia/FG23Df04.htmlhttp://www.atimes.com/atimes/South_Asia/FG23Df04.htmlhttp://www.atimes.com/atimes/South_Asia/FG23Df04.html


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Rationale behind going for the IPO

Fund Raising Options

Debt Equity Hybrid

In India

From Banks & FIs IPOVarious forms of

ConvertiblesPublic Issue of Bondsand Debentures

FPO

Rights IssuePreferential Issue

Outside India ECB ADR/GDR FCCB & FCEB

What you got in China is a lot of entrepreneurship, a lot of rush to get to market. Also companiesdon't list locally out of China and a Nasdaq listing is their first step into the capital market. They areregistering in Cayman Islands and through that listing on Nasdaq. In India, a lot of companies preferto step into the capital market through a domestic listing. Because the markets function differently inIndia and companies have been able to get a lot in their early stage capital from the local market.

-Ms Charlotte Crosswell, Head of Nasdaq International(November 15, 2005The Hindu Business Line)

(Source:http://www.thehindubusinessline.in/bline/2005/11/15/stories/2005111502590300.htm)

Considering the objectives of the company to create a public trading market for the equity shares ofthe company by listing them on the stock exchanges and use their equity shares for acquisitions,debt stops being an option. The only options that thus remain are an IPO in the domestic market orgo for a listing in a foreign market.

In India, a company has to list in the domestic market before being able to list in a foreign market orgo for simultaneous domestic and overseas issues. Considering the fact that most of the business ofthe TCS is based out of the USA, it does make sense to go for listing in Nasdaq, but Ms Charlottesobservation needs to kept in mind.

TCS would prefer going for a domestic listing only because of the stringent norms that need to befollowed in the USA exchanges. The norms to be followed in the Indian market are much lax and

Tata Sons knows the market very well, and so does the market know the Tata group. The samecannot be said with confidence about the Tata brand in the USA. Considering the Rs. 23 billionconsideration payment and the consequent cash crunch, it could have been much difficult for TCS togo public in the USA, but it was possible in India because of its brand equity and the confidence ofthe investors in the Tata brand name and the Tata connections.

Another reason for going for domestic issue alone would be the percentage of equity that is intendedto be sold by the company at that point. Post offer only 11.6% of the shares would be with thepublic, while the rest would remain with Tata Sons and others.

Note:

Prior to 4th June, 2010, Rule 19 (2)(b) provides that a company can get listed with just 10 percent holding with the public provided the minimum net offer to the public is Rs 100 crore(Rs 1 billion), a minimum of 20 lakh (2 million) shares are offered to the public in an IPOthrough book-building method and allocation to qualified institutional buyers is 60 per centof the size of an issue.
http://www.thehindubusinessline.in/bline/2005/11/15/stories/2005111502590300.htmhttp://www.thehindubusinessline.in/bline/2005/11/15/stories/2005111502590300.htmhttp://www.thehindubusinessline.in/bline/2005/11/15/stories/2005111502590300.htmhttp://www.thehindubusinessline.in/bline/2005/11/15/stories/2005111502590300.htm


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Also, public shareholding means equity shares of the company held by the public and not the sharesheld by the custodian against depositary receipts issued overseas. From the IPO issue of TCS, it isclear that it just wants to list in the exchange but with a public shareholding close to the minimumpossible, as per the guidelines. To go for a simultaneous issue in the domestic and the foreignmarkets would thus mean a further dilution of the promoters shareholding. This is thus anot herreason because of which TCS went with the domestic listing route through IPO only.

Placement Impact

India's largest IT company, Tata Consultancy Services Ltd, offered 5.54 crore (55.4 million) equityshares of Re 1 each, including a fresh issue of 2.27 crore (22.7 million) shares, in its initial publicoffering through a book-building route.

The Rs 5,000 crore (Rs 50 billion) IPO opening coincided with the birth centenary of JRD Tata, whowas at the helm of the Tata group for over four decades before Ratan Tata took charge.

The TCS IPO created a record as the IPO was oversubscribed by 6.69 times and received a totalapplication amount worth Rs 34,000 crore (Rs 340 billion) as against the issue size of Rs 5,000 crore.

The issue also comprised an offer for sale of 3.26 crore (32.6 million) shares by Tata Sons Ltd andcertain other shareholders of TCS, and a further greenshoe option by Tata Sons for 8,310,000 shareseach.

The company raised about Rs 5,420 crore (Rs 54.20 billion) through the IPO.

(Source:http://www.rediff.com/money/2003/feb/06tcs.htm)

Total shares issued: 55.45 million + 8.31 million (greenshoe) = 63.76 million

The shares of the Company were issued at a face value of Re 1 per share and a share premium of Rs849 per share. There has been no follow-on offering from the Company.

Post Placement Impact

The stock started trading on 25th August, 2004 and it was only in the month of January, 2008 that theshare price went below Rs. 850 which was the issuing price during the IPO. This is spectacularconsidering the fact that the company went for a bonus share issue of 1:1 on August 9, 2006. Themaximum share price between August, 2004 and January, 2008 was Rs. 2043 (in the month of May,2006).

The company again went for a bonus issue of 1:1 on June 18, 2009 after a bad 2008-09 FY. Post thisbonus issue, which is also the last of its kind till date, the share traded in the Rs. 370 400 range(because of the stock split) for sometime but gradually picked up and is currently trading in the range

of Rs. 19002000.

Thus, the IPO issue has been a huge success for the company, the investors and the shareholders.Currently, as of June 30, 2013, TCS had 1,957,220,996 shares outstanding i.e., 1957.22 million sharesas opposed to 455.5 shares during the IPO.
http://www.rediff.com/money/2003/feb/06tcs.htmhttp://www.rediff.com/money/2003/feb/06tcs.htmhttp://www.rediff.com/money/2003/feb/06tcs.htmhttp://www.rediff.com/money/2003/feb/06tcs.htm


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Impact Measurement

The pricing and other parameters have been rated below on a scale of 1 to 10:

Serial Number Parameter Score Reason

1 Pricing 8 The price could have been set higher than Rs. 850.

2 Product Design 10 There could not have been a better option.3 Marketing 10 The over-subscription says it all!

4 Selection of Market 10 No better option considering the objectives and thenorms and guidelines.

5 Post PlacementImpact

10 The company could not have asked for more!

Sources:

http://www.cmlinks.com/pub/nim/nimshow.asp?code=5400 http://www.internationallawoffice.com/newsletters/detail.aspx?g=3a668824-322c-4fb4-

b475-316b375bcec3

http://www.tcs.com/investors/investor-faq/Pages/default.aspx

Note:

Companies normally go for reverse stock split to make their market offering look more attractive tothe potential investors. But this was not the case with TCS which went for a stock split of 10 shares

with a face value of Re. 1 for every share with a face value of Rs. 10.

The most probable reasons are:

To rub the employees the right way, the more the better. TCS was reserving 10% of theshares for its employees.

To encourage retail investors for investing Higher the volume, higher the trading volume! The higher the trading volume, the better the

price discovery by the market.
http://www.cmlinks.com/pub/nim/nimshow.asp?code=5400http://www.cmlinks.com/pub/nim/nimshow.asp?code=5400http://www.internationallawoffice.com/newsletters/detail.aspx?g=3a668824-322c-4fb4-b475-316b375bcec3http://www.internationallawoffice.com/newsletters/detail.aspx?g=3a668824-322c-4fb4-b475-316b375bcec3http://www.internationallawoffice.com/newsletters/detail.aspx?g=3a668824-322c-4fb4-b475-316b375bcec3http://www.internationallawoffice.com/newsletters/detail.aspx?g=3a668824-322c-4fb4-b475-316b375bcec3http://www.internationallawoffice.com/newsletters/detail.aspx?g=3a668824-322c-4fb4-b475-316b375bcec3http://www.tcs.com/investors/investor-faq/Pages/default.aspxhttp://www.tcs.com/investors/investor-faq/Pages/default.aspxhttp://www.tcs.com/investors/investor-faq/Pages/default.aspxhttp://www.internationallawoffice.com/newsletters/detail.aspx?g=3a668824-322c-4fb4-b475-316b375bcec3http://www.internationallawoffice.com/newsletters/detail.aspx?g=3a668824-322c-4fb4-b475-316b375bcec3http://www.cmlinks.com/pub/nim/nimshow.asp?code=5400


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TCS Secondary Market Analysis

Tata Consultancy Services Ltd (TCS) is an Indian public Ltd company. Its shares are listed on theBombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Ever since TCS went foran IPO in 2004, its shares have been actively trading in both the exchanges. To understand the

secondary market operations better, let us consider the share holding pattern of TCS over the last 6years shown below.

Share holding pattern in%(as on March31 each year)

2007 2008 2009 2010 2011 2012 2013

Promoter' holding(mainlyTata Son's)

81.65 77.55 76.21 74.12 74.05 73.97 73.95

Institutionalinvestors(mutual funds,UTI,banks,LIC,etc)

4.88 5.36 7.86 7.84 8.12 7.2 5.45

Foreign institutionalinvestors

7.06 10.79 10 12.43 12.63 14.01 16.13

Non institutions-(individuals, bodycorporates, etc)

6.41 6.3 5.93 5.59 5.19 4.8 4.46

The following observations can be made about the share holding pattern:

The promoter holding has declined over the last 6 years. The stake of the individuals and body corporates has declined over the last 6 years. The stake of foreign institutional investors (FIIs) has increased substantially from about

7.06% in 2007 to 16.13% in 2013.

Securities Contracts Regulation Rule 19 (2) (b) was amended on 4th June, 2010 to make thefollowing necessary:

o The minimum threshold level of public holding will be 25% for all listed companies.o Existing listed companies having less than 25% public holding have to reach the

minimum 25% level by an annual addition of not less than 5% to public holdingo For new listing, if the post issue capital of the company calculated at offer price is

more than Rs. 4000 crore, the company may be allowed to go public with 10%public shareholding and comply with the 25% public shareholding requirement byincreasing its public shareholding by at least 5% per annum.

o This is one of the reasons which must have contributed to the reduction of thePromoters holding across the years.

The promoters stake is mainly held by Tata Sons Ltd which has the largest stake in TCS.One of the reasons why the promoters stake has declined over the last 6 years is becausethere were a number of block and bulk deals in the BSE and NSE through which Tata Sonshas sold its stake in TCS as shown below:


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Bulk and Block Deals of TCS on BSE and NSE

BSE Bulk Deals

Deal Date Client Name Deal Quantity Price

06-02-2007 Tata Sons Ltd. S 6900000 1285

06-02-2007 Copthall Mauritius P 5626457 1285

14-11-2006 HSBC Global Investment Funds P 7095920 1059

14-11-2006 Tata Sons Ltd. S 8500000 1059

24-03-2006 Shapoorji Pallonji & Co. Rajkot P 249626 1890


24-03-2006 Shapoorji P. Mistry S 896000 1890

24-03-2006 Cyrus P. Mistry S 896000 1890

BSE Block Deals

30-09-2010 SPS Capital & Money Management S 400000 928

30-09-2010 Shapoorji Pallonji & Co. Ltd. P 400000 928

09-06-2010 Citigroup Global - Mauritius S 228515 755

09-06-2010 ABN AMRO Bank P 228515 75514-01-2010 Citigroup Global - Mauritius S 234710 781

14-01-2010 Swiss Finance Corporation - Mauritius P 234710 781

13-01-2010 Citigroup Global - Mauritius S 234710 756.5

13-01-2010 Credit Suisse - Singapore P 234710 756.5



24-03-2006 Cyrus P. Mistry S 896000 1890

24-03-2006 Shapoorji P. Mistry S 896000 1890

NSE Bulk Deals

31-Oct-07 HSBC Global Investment Funds BUY 50,74,718 102031-Oct-07 Tata Sons Ltd. SELL 82,51,495 1020.08

06-May-09 Tata Limited SELL 1,03,21,324 615.04

NSE Block Deals

18-Dec-07 Navajpai Ratan Tata Trust SELL 1,00,000 1012.4

18-Dec-07 Tata Investment Corporation Ltd BUY 1,00,000 1012.4

25-Jun-09 Barclays Global - Mauritius BUY 1,84,680 386

25-Jun-09 Citigroup Global - Mauritius SELL 1,84,680 386

30-Jul-09 Barclays Global - North Asia BUY 1,52,760 500

30-Jul-09 Citigroup Global - Mauritius SELL 1,52,760 500

01-Oct-10 Shapoorji Pallonji & Co. Ltd. BUY 6,98,672 935.501-Oct-10 SPS Capital & Money Management SELL 6,98,672 935.5

19-Sep-11 Ishares BSE Sensex Mauritius Co. BUY 1,82,962 1020

19-Sep-11 The Royal Bank of Scotland SELL 1,82,962 1020


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Another big reason for selling the holding by Tata Sons has been to fund the bulk on investments byTata Sons in other group companies. Some facts that highlight the point:

Tata Sons has invested Rs 34,000 crore in various group companies, including unlistedventures, since 2004.

During the period, Tata Sons earned around Rs 10,000 crore as dividend from TCS. Another Rs 9100 crore was raised by selling TCS shares (including IPO). A further Rs 11,500 crore came from borrowings largely secured by pledging shares of TCS,

the groups most valuable company.

TATA SONS: HOW IT EARNED AND SPENT (Rs crore)

Year Dividend* TCS Shares sale ** Borrowings Investments

FY05 445.2 2800 0 3241.1

FY06 540.6 835.9 178.5 1640.7

FY07 753.7 696.6 1802.6 2610.6

FY08 740.7 3873.8 4662.5 9111.5FY09 1019.2 892.5 1969.2 5772.9

FY10 1226.9 0 361.3 3032.7

FY11 2886.8 0 1661.9 4712.8

FY12 2453.8 0 446.3 2451.3

* Dividend from TCS; ** Proceed from sale of TCS shares including IPO

Source: Capitaline, BS Estimates

For example:

To finance the Corus deal in 2007, Tata Sons diluted nearly 1% of its shareholding togenerate over Rs. 1000 crores.

In 2008, Tata Sons, the Tata group's holding company, sold 1% stake in Tata ConsultancyServices for Rs 701 crore. It was speculated that it was raising funds so that it can subscribeto the Tata Motors (TML) rights issue.

Tata Sons has sold around 1% of its stake in TCS, the group's biggest company by marketcapitalization, to help refinance a $2-billion bridge loan taken by Tata Motors. It was soldthrough a bulk deal in NSE. It thus raised Rs. 633.4 crore in 2009.

Thus, we see an alignment in the objectives for going for an IPO and the actions of Tata Sons. Oneof the objectives for taking TCS public was to use their equity shares for acquisition, and this isactually happening.

A consistent financial performance by TCS and its high market valuation enabled Tata Sons to actas the investor and lender of last resort to group companies. For example, when Tata Motors Rs4,145-crore rights issue in October 2008 devolved on promoters and Indian Hotels Companys rightsissue in 2008 received muted response from retail and institutional investors.Business Standard


13/13

Source:

http://www.business-standard.com/article/technology/tcs-provided-wings-to-tata-s-dreams-112122400128_1.html)

http://www.business-standard.com/article/companies/tata-sons-raises-rs-1000-cr-through-tcs-stake-sale-107020901082_1.html

http://articles.economictimes.indiatimes.com/2008-10-08/news/27700123_1_tata-sons-tata-sons-rights-shares

http://articles.economictimes.indiatimes.com/2009-05-07/news/27664532_1_hv-transmissions-jlr-loan-tata-motors-finance
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