TCS To Acquire Tata Realty's Two Subsidiaries For Rs 1,625 Crore
The entities being acquired—TRIL Bengaluru Real Estate Five Ltd. and TRIL Bengaluru Real Estate Six Ltd.—hold land which TCS will use to build delivery centres.
Tata Consultancy Services Ltd. on Thursday said it has received the board nod for the proposed acquisition of two wholly-owned subsidiaries of Tata Realty and Infrastructure Ltd. for Rs 1,625 crore.
The acquisition of the two entities—TRIL Bengaluru Real Estate Five Ltd. and TRIL Bengaluru Real Estate Six Ltd.—will result in the possession of the land which these two entities hold. The land will be used by TCS to "build delivery centres", according to an exchange filing.
Following the acquisition, TCS will hold 100% stake in the two companies. The acquisition is expected to be completed in “one year from the time of entering into a binding term sheet”.
The entities being acquired were incorporated in fiscal 2024, TCS noted in the filing.
On Thursday, the IT major reported that its net profit has risen by 4.1% sequentially to Rs 12,444 crore for the quarter ended Dec. 31, 2024.
The company's revenue from operations for the third quarter has declined 0.4% over the previous three months to Rs 63,973 crore in the third quarter.
While declaring the earnings, the IT firm also announced that a third interim dividend of Rs 10 and a special dividend of Rs 66 per equity share of Re 1 each will be paid to TCS' shareholders.
The third interim dividend and the special dividend will be paid on Feb. 3, 2025 to the shareholders of the company. The record date for the dividend has been fixed as Jan. 17.
Shares of TCS closed 1.72% lower at Rs 4,036.65 apiece on the BSE, compared to a 0.68% decline in the benchmark Sensex.
