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TCS Group controlling shareholder trims stake

TCS Group Holding Plc said Altoville Holdings Ltd. raised gross proceeds of $150 million from the sale of global depositary receipts in the company.

Altoville, which is connected with TCS' controlling shareholder Oleg Tinkov, sold 8,333,334 GDRs representing class A shares in the company via a placing for $18 per GDR.

Proceeds of the placing are payable in cash. TCS will not receive any proceeds from the placing.

The placing is expected to close March 18. Following the completion of the sale, Tinkov's stake in TCS will drop to approximately 43.8% from roughly 48.3%.

Morgan Stanley & Co. International PLC acted as book runner on the placing.