December 12, 2016 / 3:34 PM / 7 months ago

Morgan Stanley opens book for Tata Motors' shares worth up to $371 million - termsheet

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Men ride a motorbike as they come out of a past a Tata Motors car plant at Sanand in the western Indian state of Gujarat, India, October 27, 2016.Amit Dave/File Photo

MUMBAI (Reuters) - 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

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