Shapoorji Pallonji Group could pledge its entire Tata Sons stake to service debt


The SP Group is parallely trying to monetise its assets such as Eureka Forbes, Sterling and Wilson Solar, and Afcons Infrastructure to prepay loans worth ₹9,348 crore.

Synopsis

Lenders to SP Group will have to offer the first right of refusal to Tata Sons under Article 75 of the holding company’s articles of association, if the pledge were to be invoked. Officials close to the development said the lenders have done their due diligence on the legal validity of the possible pledge of shares.

The Shapoorji Pallonji Group could pledge its entire 18.37% stake in Tata Sons, the Tata Group’s holding company, to raise funds to service some of the group’s debt if discussions with multiple lenders work out, officials close to the development said.

Lenders to SP Group will have to offer the first right of refusal to Tata Sons under Article 75 of the holding company’s articles of association, if the pledge were to be invoked. Officials close

  • GIFT ARTICLE
  • FONT SIZE
  • SAVE
  • PRINT
  • COMMENT

Sign in to read the full article

You’ve got this Prime Story as a Free Gift

Already a Member?

Special Offer on ET Prime

Subscribe to ET Prime – Get Flat 20% Off

View Plans

ET Prime Summer SALE

Subscribe to ET Prime – Get Flat 30% Off

View Plans

ET Prime Summer SALE

Subscribe to ET Prime – Get Flat 30% Off

View Plans

Why ?

  • Exclusive Economic Times Stories, Editorials & Expert opinion across 20+ sectors

  • Stock analysis. Market Research. Industry Trends on 4000+ Stocks

  • Clean experience with
    Minimal Ads

  • Comment & Engage with ET Prime community

  • Exclusive invites to Virtual Events with Industry Leaders

  • A trusted team of Journalists & Analysts who can best filter signal from noise



Source link

Latest

In a major breakthrough, Indian researchers spot rare, ultra-luminous supernova

The supernova which has been named SN 2020ank first came to light when the Zwicky Transient Facility traced it in January last year....

Molly-Mae Hague gives birth to a baby girl with boyfriend Tommy Fury

Molly-Mae Hague welcomed a baby girl with her boyfriend Tommy Fury on January 23, 2023.The Love Island star, 23, who met the boxer on...

Love Island SPOILER: Furious Olivia confronts Tom after THAT secret kiss with Ellie is revealed

Love Island's Olivia Hawkins is set to confront love rat Tom Clare over his secret kiss with Ellie Spence in explosives scenes set...

Sharon Stone reveals she’s worked with ‘a lot of misogynists in Hollywood’

'They told me what to do': Sharon Stone reveals she's worked...

Is Your Pay Keeping Up with Inflation?

Your boss bumped up your pay at the end of last year. Now you’re coming into 2023 with a slightly bigger salary to help...