how to find the set of feasible optimal solutions?

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Consider the following optimization problem;

$\min_{M} ~\|a-M*b\|_2$

subject to

$\|M\|_2<1$.

where $M\in R^{5\times3}$ and a and b are constant vectors.

There might be many optimal solutions to the problem above. I'm wondering if there's a theory/method to get the set of matrices M such that they all minimize the problem above.