Private equity fund TPG Capital plans to buy 14 percent stake in packaging company Time Technoplast at a near 30 percent premium to its market price, the Economic Times newspaper reported on Tuesday.

TPG may pay as much as 65 rupees apiece in a share sale planned by Time Technoplast, the paper said, citing a person familiar with the negotiations.

Time Technoplast's shares ended at 50.15 rupees in the Mumbai market on Monday.

The company is currently valued at $230 million, according to Reuters data.

Several funds, including TPG, have requested us to consider them in the company's resource-raising exercise through equity dilution if and when it materialises, the report quoted Time Technoplast's Finance Director Bharat Vageria as saying.

The Indian firm was yet to decide on whom to include as investors and no agreement has been finalised, the paper said.