Edgy over Shapoorji Pallonji (SP) Groups plans to roll over pledged Tata Sons shares to refinance over $2 billion debt, Tata Trusts has, for the first time, officially said these are non-transferable.
SP Group, promoted by the Mistry family, has pledged its entire 18.5% in Tata Sons held through two entities to secure monies from private credit funds such as Ares and Farallon. Additionally, it needs to raise funds for a separate repayment due in three months and refinance existing high-cost borrowings.
Disagreements have been brewing between Tata Trusts and SP Group in the last few months over the transferability of shares held by SP Group in Tata Sons