Bengaluru/Mumbai, Sept. 17 -- Tata Trusts chair Noel Tata presented a Shapoorji Pallonji (SP) Group proposal to the Tata Sons board on Thursday, wherein the minority investor has offered to sell up to 3% stake back to the holding company for Rs.25,000 crore.

According to an executive familiar with the matter, the SP Group has offered this as an alternative to making Tata Sons a publicly listed company-something the minority investor has demanded for long-and comes after the Reserve Bank of India (RBI) ordered it to go public on Friday.

The Tata Sons board convened at the meeting room on the fourth floor of Bombay House at 10.30am, primarily to discuss two thorny issues: the course of action after the RBI order, and the tenure of its cur...