In a bulk deal on the National Stock Exchange on Wednesday, Tata Sons sold 1.05 percent stake - comprising 10.32 million shares - of Tata Consultancy Services (TCS), at Rs 615 per share. The shares were held by Tata Sons' UK-based subsidiary Tata Ltd.

The sale of the mentioned stake in India's largest software exporter helped Tata Sons raise Rs 633.4 crore, at a time when the company is facing a financial crunch - the company needs a $2-billion loan in order to refinance the remaining part of the $3-billion bridge loan it availed last year for the acquisition of Jaguar and Land Rover (JLR) brands.

According to an investment banker, Tata Sons - which has appointed Citi, SBI and Tata Capital for refinancing the loan - is planning to raise almost $1.5 billion from foreign lenders, and remaining $500 million from sale of stake in its different companies, along with seeking funds from banks.

Some of the unlisted money-making subsidiaries of Tata Group, from which it may sell part of its stake, would possibly include Tata Daewoo Commercial Vehicle Company, Tata Motors Finance, Tata Technologies, HV Transmissions, HV Excels, and Telco Construction Equipment.

A similar stake-selling strategy was adopted by the Tata group a couple of years back, when it had to part-finance Tata Steel's $12.9-billion acquisition of Corus.