Singapore's state investor Temasek is selling around S$400 million ($295.92 million) worth of shares, or a 1.85% stake, in the country's national carrier Singapore Airlines, according to a term sheet seen by Reuters on Wednesday.

The shares are priced between S$7.202 and S$7.283 per share, the sheet shows, representing a 2.89% and 3.97% discount to the last close of S$7.50 on Wednesday.

Temasek will continue to be a major shareholder in Singapore Airlines with a 53.5% stake, according to Reuters' calculation.

($1 = 1.3517 Singapore dollars) (Reporting by Selena Li in Hong Kong and Yantoultra Ngui in Singapore, Editing by Louise Heavens)