Mumbai: Tata Motors Ltd is selling shares worth up to Rs2,000 crore in a block trade, two people aware of the development said.

On Monday, Bloomberg reported that Tata Motors was selling shares equivalent to around 1.7% stake to an undisclosed buyer, citing a term sheet.

According to Bloomberg, Tata Motors is selling the shares for a price of Rs421.56 crore.

Citibank is the sole advisor for the share sale, said the people cited above.

Shares are being sold at a 4% premium to the stock’s closing price on Monday.

Shares of Tata Motors Ltd closed on Monday at Rs405.35, up 1.02% on the BSE, while the benchmark Sensex closed at 32,423.76 points, up 0.47%.

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