Tata Sons, the holding entity for Tata Group firms, and Citigroup have acquired 8.65 million shares in Tata Motors from Germany's Daimler AG according to data on the Bombay Stock Exchange website.
Tata Sons bought 4 million Tata Motors shares at 750 rupees each, while Citi bought 4.65 million shares at 752.41 rupees each, according to the website data.
Daimler had sold about 25.6 million shares at an average of 751.67 rupees each raising 19.24 billion rupees, the stock exchange data showed.
Tata Sons officials were not immediately available for comments.
The rest of the shares were bought by various market investors including mutual funds and some overseas investors, a source with knowledge of the transaction said.
On Monday sources told Reuters that Daimler was selling its entire 5.34 percent stake in Tata Motors for $429 million. This was later confirmed by Tata Motors officials
Tata Motors shares closed at 770.90 rupees, down 3.2 percent in a weak Mumbai market.