TCS placement fares well without hedge funds

Tata Consultancy becomes the first Indian company to do an equity deal of size since the regulators clamped down on buying of P-Notes by foreign investors.

A Rs12.1 billion $308 million block of IndiaƆs Tata Consultancy Services changed hands last week at a tight 2.7% discount to the latest close. The deal, which was done as an accelerated bookbuild transaction, was also increased from an original size of about $250 million following strong investor demand.

The level of demand surprised some observers as there was no participation by hedge funds due to restrictions imposed by the Indian stock market regulator on the use of so called...

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