Tata Sons, the holding company for India’s biggest business group, is selling about $1.25 billion of its stake in software services provider Tata Consultancy Services ( TCS ).Tata Sons was offering 28.27 million shares of Asia’s largest software developer, or about a 1.48 per cent stake, after the market closed on Monday, according to terms for the deal obtained by Bloomberg. The company was planning to sell the shares at Rs 2,872 to Rs 2,925 rupees a share, the terms show.Tata Sons will use the proceeds to pay creditors of its wireless division, according to a person with knowledge of the matter. Tata sold Tata Teleservices ' mobile-phone operations to Bharti Airtel last year and pledged to pay the unit’s obligations.It will also use the funds to raise its holdings in some listed units, the person said, asking not to be identified because the information is private. Tata Sons may buy the stakes from other Tata Group affiliates, which would help to reduce cross-shareholdings, according to the person.The conglomerate has been planning to raise its ownership over time in five of its largest businesses including Tata Chemicals and Tata Steel, Bloomberg News reported last year. Tata Sons is buying an additional 6.6 per cent stake in Indian Hotels Co. that was held by Tata Trusts, according to a stock exchange filing this month. Last year, it boosted its stake in Tata Motors.Citigroup Inc. and Morgan Stanley are arranging the offering of Tata Consultancy stock, according to Monday’s terms. The price range represents a 4.2 per cent to 5.9 per cent discount to its last close.The holding company is also seeking a $1.5 billion offshore syndicated loan, as it seeks to pay down expensive debt at its telecommunications unit, people familiar with the matter said last week. Tata Sons plans to use the proceeds to repay debt of units Tata Teleservices and Tata Teleservices Maharashtra, one of the people said at the time.Shares of Tata Consultancy fell as much as 5.9 per cent in Tuesday's intra-day trading. They were down 4.9 per cent on the BSE, headed for the biggest one-day decline in more than a year, at 1.20 pm.