Shapoorji Pallonji halts realty IPO amid over ₹55,000 cr debt
Business
The Shapoorji Pallonji Group has put its real estate IPO plans on hold as it faces heavy debt, over ₹55,000 crore.
The IPO was supposed to bring in much-needed funds, but for now, the group is focusing on sorting out its finances.
SPRE, its real estate arm, is known for big projects like Mumbai's Imperial Towers.
Shapoorji Pallonji considers Tata stake sale
To ease the debt crunch, the group might sell part of its 18.4% stake in Tata Sons.
Noel Tata recently floated the idea of Tata Sons buying back about 3% of this stake for around ₹25,000 crore, though internal disagreements and legal hurdles could slow things down.