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Morgan Stanley has begun the procedure for an undisclosed purchaser to for approximately 50 million shares of Tata Motors Ltd from the marketplace in a prospective 24.99 billion-rupee ($370.8 million) offer, as per a termsheet observed by Reuters on Monday.
The deal cost as much as 499.80 rupees a share for approximately 1.73 percent stake in Tata Motors is at a 10 percent premium to the stock’s Monday closing cost of 454.40 rupees.
Trusts and firms connected to Tata Group owned a 3rd of Tata Motors since end-September, as per stock exchange information.
