SP Group seeks ₹25,000 cr buyback of Tata Sons shares
The Shapoorji Pallonji (SP) Group has asked Tata Sons to consider a ₹25,000 crore share buyback at their next board meeting.
This move would help SP Group cash in part of its 18.4% stake and pay off debts faster, instead of waiting for Tata Sons to go public as the Reserve Bank of India directed.
Tata Trusts prefers dividends for philanthropy
SP Group recently managed to clear ₹3,500 crore in bonds but still needs more funds to stay financially stable.
They hope the buyback will let them repay another ₹25,000 crore.
However, Tata Trusts (the main shareholder in Tata Sons) isn't keen on a quick stock market listing and prefers steady dividends for its philanthropy work.
So far, the proposal has been placed before the Tata Sons board at its last meeting, leaving both sides waiting on next steps.