Shapoorji Pallonji seeks ₹3,500cr refinancing amid Tata Sons IPO uncertainty
Business
Shapoorji Pallonji Group is trying to raise ₹3,500 crore (about $365 million) to pay off debt, just as its big 18% stake in Tata Sons faces uncertainty with the company's IPO plans up in the air.
The group is tapping into an existing loan facility to get these funds sorted.
Deutsche Bank expected to underwrite funding
Deutsche Bank is expected to underwrite most of this funding round.
Meanwhile, SP Group might push a key payment deadline for its finance arm, Porteast Investment, as boardroom disagreements at Tata over the IPO are making it harder for SP Group to use its stake for fresh loans.
With refinancing and deadline extensions on the table, they're working hard to keep their finances steady despite all the corporate twists.