Shapoorji Pallonji & Company (SPCPL) is considering selling its stake in Sterling and Wilson Renewable Energy (SWRE) to meet financial obligations. Plans are underway to manage debt and refinance it, while the Mistry family considers raising loans and has amassed significant debt.
The funds will be used to redeem bonds issued three years ago that have onerous clauses that could take the coupon rate on them to unusually high levels if the debtholders are not paid off by June, they said.
SC Finance holds the Cyrus Mistry family stake in SP Group. Firoz and Zahan Mistry will be directors of SC Finance. They have also been inducted as partners on CPM NexGen Ventures and Mistry Venture LLP.
The late Cyrus Mistrys sons — Firoz (27) and Zahan (25) — have been appointed directors at one of two holding units of the currently reorganizing Shapoorji Pallonji (SP) Group, as the next generation takes on leadership roles. The group is recasting its businesses, under which it has reverted to its older family holding structures: SC Finance and SP Finance.
India, which has the third-highest number of publicly listed family businesses after China and the US, will see a generational shift in leadership at .