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BUZZ-India's Tata Motors gains; investor seeking shares worth up to $371 mln at premium
December 13, 2016 / 4:27 AM / 10 months ago

BUZZ-India's Tata Motors gains; investor seeking shares worth up to $371 mln at premium

** Tata Motors Ltd rises as much as 7 pct to 486.25 rupees; stock top pct gainer on the NSE index

** Morgan Stanley started the process for an undisclosed buyer to buy up to 50 mln shares at premium in a potential 24.99 bln-rupee ($370.8 mln) deal

** Deal price of up to 499.80 rupees a share for up to 1.73 pct stake in Tata Motors is at a 10 pct premium to the stock’s Monday closing price of 454.40 rupees

** More than 50 mln shares change hands on the National Stock Exchange including two block deals early on Tuesday - exchange data

** Up to Monday’s close, stock had risen about 16.1 pct this year compared with a 2.8 pct rise in the NSE index

$1 = 67.4027 Indian rupees

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