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
Issuer of India's Biggest Junk-Bond Gets Nod to Delay Payment bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
SP Group arm Goswami Infra sweetens bond deal indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.