SP Group seeks sale of 2-3% stake in Tata Sons
Business
The Shapoorji Pallonji (SP) Group is looking to sell 2% to 3% of its shares in Tata Sons back to the company for ₹25,000 crore.
This offer, shared by Noel Tata with the Tata Sons board, comes after a recent Reserve Bank of India order that pushed Tata Sons to go public.
SP sale eases 60,000 cr debt
SP Group's move is all about easing its debt load, which is close to ₹60,000 crore.
The deal values Tata Sons at ₹8.3 trillion and would be paid out over 18 months, something Tata Sons can handle comfortably thanks to strong yearly earnings.
For SP Group, selling now helps it tackle big financial challenges without going for a public listing.