TCS plans takeovers after launching IPO

Friday, 23 July 2004, 07:00 Hrs
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NEW DELHI: Tata Consultancy Services (TCS), India's biggest software maker, said Thursday the company would explore the possibility of acquisitions after launching the mega initial public offer (IPO).

TCS, a division of Tata Sons, the holding company of the $13-billion Tata Group, plans to acquire companies in regions like Latin America and China, said Phiroz Vandrevala, executive vice president of TCS.

The company wants to pursue the acquisition strategy to add value, Vandrevala told a news conference here.

TCS Wednesday launched a road show for the company's IPO, the largest in the history of the domestic capital market.

The issue will open July 29 and close Aug 5. TCS has fixed its price band for the bidding between 775 ($16.8) and 900 ($19.5) a share.

TCS could raise a whopping $1.2 billion from the sale of over 13 percent stake in Asia's largest software services company, making it the largest public offering to hit the Indian markets.

TCS became India's first billion-dollar software firm in revenues last year. Its revenues for the fiscal ended March 31, 2003, touched 50.12 billion ($1.04 billion), up from 41.87 billion ($908 million) in fiscal 2001-02.

The company manages projects for over 1,000 clients in over 55 countries and employs nearly 28,000 software professionals across the globe.

Source: IANS
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