Morgan Stanley has started the process for an undisclosed buyer to for up to 50 million shares of Tata Motors Ltd from the market in a potential Rs2,499 crore ($370.8 million) deal, according to a termsheet seen by Reuters on Monday.

The deal price of up to Rs499.80 a share for up to 1.73% stake in Tata Motors is at a 10% premium to the stock’s Monday closing price of Rs454.40.
Trusts and companies affiliated to Tata Group owned a third of Tata Motors as of end-September, according to stock exchange data. Reuters

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