As of December 31, Tata Sons held 72.4% stake in TCS.

India’s Tata Sons, the holding company of Tata Group, plans to sell a stake in Tata Consultancy Services (TCS) worth up to 93.62 billion rupees ($1.13 billion) on Tuesday, according to an investment term sheet.

According to the term sheet, Tata Sons plans to sell 23.4 million shares, accounting for 0.65% of TCS’s outstanding shares, in the country’s top IT services provider.

According to exchange data, as of December 31, it held 72.4% of TCS shares.

The stake sale comes at a time when the domestic stock market is hovering at record highs, with TCS and the blue-chip Nifty 50 index of which it belongs hitting 10 and 15 record highs respectively this year.

TCS shares will be sold at a floor price of Rs 4,001 per share, a discount of 3.7% to Monday’s closing price of Rs 4,152.5.

JPMorgan Chase & Co. and Citigroup will serve as joint book-running managers for the stake sale.

Tata Sons and TCS did not immediately respond to Reuters’ requests for comment, while Citigroup and JPMorgan declined to comment.

Over the past few months, major shareholders in ITC, Paytm and Zomato have sold stakes in these companies in block trades, with over 500,000 shares traded in a single transaction.

Ahead of the news, TCS shares closed down 1.6% on Monday, sending IT stocks tumbling.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)