MUMBAI 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 24.99 billion-rupee ($370.8 million) deal, according to a termsheet seen by Reuters on Monday.
The deal price of up to 499.80 rupees a share for up to 1.73 percent stake in Tata Motors is at a 10 percent premium to the stock's Monday closing price of 454.40 rupees.
Trusts and companies affiliated to Tata Group owned a third of Tata Motors as of end-September, according to stock exchange data.
($1 = 67.4027 Indian rupees)
(Reporting by Savio Shetty and Devidutta Tripathy, editing by Louise Heavens)