German carmaker Daimler is selling up to $429 million worth of shares in Tata Motors at a discount of up to 7% to the stock's Monday closing price, sources familiar with the matter said.
Daimler is offering 25.6 million shares in Tata Motors at Rs737.4 to Rs761.3 each, a discount of 4% to 7% below the stock's Monday close of Rs796.75. The shares represent a 5.34% stake in the firm.
Citigroup is handling the share sale.
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