Shares of Tata Motors jumped on $312 million stake sale plan. The stock jumped as much as 4.9 per cent to Rs 424.90, its highest since August 9.
Tata Sons, the holding company behind the Tata conglomerate, is planning to buy a stake in Tata Motors, according to a source familiar with the transaction.
The buyer will acquire up to Rs 2,000 crore ($311.8 million) worth of shares in Tata Motors, according to a term sheet seen by Reuters.
The buyer is offering a maximum of Rs 421.56 a share, representing 4 per cent premium to the stock's closing price on Monday, according to the term sheet.
About 35.4 million shares change hands in multiple block deals on the BSE. About 5.3 million shares traded in multiple block deals on the NSE.
Up to Monday's close, Tata Motors stock had fallen 14.2 per cent this year.