Daimler is selling up to US$429m of Tata Motors shares at a discount of up to 7% to the stock’s Monday closing price, sources familiar with the matter have told the Reuters news agency.

Daimler is offering 25.6m shares at INR737.4 to INR761.3 each, a discount of 4 to 7% below the stock’s Monday close of INR796.75 rupees. The shares represent a 5.34% stake in the automaker, according to the report.