SP raises ₹ 14,300 crore via high-yield debt
1 year, 5 months ago

SP raises ₹ 14,300 crore via high-yield debt

Live Mint  

MUMBAI : Shapoorji Pallonji Group has raised ₹14,300 crore from a clutch of private credit investors and high-net-worth individuals, pledging its shares in Tata Sons Ltd as collateral, primarily to refinance its debt, two people familiar with the development said. The group raised funds from private credit investors, including Cerberus Management, Davidson Kempner, and Varde Partners, and foreign banks such as Deutsche Bank, Standard Chartered, and Nomura Holdings. The borrowing by the group comes as it seeks to meet its financial obligations, including repaying banks ₹4,400 crore, making a prepayment of around ₹3,250 crore in debt, and obtaining ₹3,000 crore working capital for its real estate and ports businesses. It sold some of its businesses, including Eureka Forbes, a majority stake in Sterling and Wilson Renewable Ltd, and paid back ₹12,500 crore last year as part of a one-time resolution deal without a haircut to its creditors.

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History of this topic

PFC board declines SP Group’s ₹20,000-crore loan proposal
1 month, 2 weeks ago

PFC board declines SP Group’s ₹20,000-crore loan proposal

Live Mint  

Mumbai: State-run Power Finance Corporation has decided not to go ahead with the ₹20,000-crore loan proposal to Shapoorji Pallonji Group, PFC Chairman Parminder Chopra said on a call with analysts on Friday. In this context, we can appreciate the concerns expressed by the Board of PFC in being the sole financier for such a large amount.” Alternatives being explored The …

PFC independent directors raise concerns over ₹ 20,000-cr loan plan for SP Group
4 months, 2 weeks ago

PFC independent directors raise concerns over ₹ 20,000-cr loan plan for SP Group

Live Mint  

Mumbai: All three independent directors of state-run Power Finance Corporation have raised concerns over a proposal to extend a ₹20,000-crore loan to the Shapoorji Pallonji Group, two persons aware of the matter said on condition of anonymity. The three independent directors on the board have questioned the rationale behind giving the loan to SP Group’s main investment vehicle Sterling Investment …

SP group firm Goswami’s high-yield debt sees ratings cut
6 months, 3 weeks ago

SP group firm Goswami’s high-yield debt sees ratings cut

Live Mint  

Financing plans of Shapoorji Pallonji group have received a setback with Care Ratings cutting the credit rating of group company Goswami Infratech Pvt. “The rating continues to remain tempered by the low operating cash flows of GIPL, with the entity being holding company and no major cashflow in form of interest/dividend either received in past or expected in the period …

Shapoorji Pallonji Group seeks up to $2.4 bn from lenders to refinance debt
9 months ago

Shapoorji Pallonji Group seeks up to $2.4 bn from lenders to refinance debt

Business Standard  

It’s also gauging interest from Davidson Kempner Capital Management and Cerberus Capital Management LP, the people said | File image By Saikat Das Shapoorji Pallonji Group is in talks with lenders including state-run Power Finance Corp., seeking to raise as much as Rs 20,000 crore, according to people familiar with the matter. It’s also gauging interest from Davidson Kempner Capital …

SP group firm’s bond offers 16-17% yield but here’s the risk
1 year, 4 months ago

SP group firm’s bond offers 16-17% yield but here’s the risk

Live Mint  

The news of Goswami Infratech Pvt. “The new NCD issuance is proposed to be backed by monetization events comprising of port assets as well as Afcons Infrastructure Ltd wherein Goswami Infratech holds stake in the form of compulsorily convertible preference shares. Mint For bond holders though, there is back-up in the form of a letter of comfort from another SP …

SP group faces tough investor conditions
1 year, 6 months ago

SP group faces tough investor conditions

Live Mint  

BENGALURU, MUMBAI : The Shapoorji Pallonji group’s $1.7 billion fundraising effort entails onerous terms, with the Mumbai-based conglomerate promising investors a return of as much as 17.5% while putting up significant collateral, including half of its stake in Tata Sons Pvt. View Full Image Graphic: Mint The SP group, which owns 18.37% of Tata Sons, the holding company of the …

Tata values SP stake at over ₹94,000 crore
3 years, 8 months ago

Tata values SP stake at over ₹94,000 crore

Hindustan Times  

The of Tata Sons Ltd, the holding company of India’s largest conglomerate, was pegged at $70 billion in a recent internal valuation exercise, two people aware of the development said. The Supreme Court also rejected Shapoorji Pallonji Group’s claim that it was an oppressed minority shareholder in Tata Sons and set aside an appeals court order that reinstated Tata Sons’ …

Bankers to go ahead with Shapoorji Pallonji recast plan
3 years, 8 months ago

Bankers to go ahead with Shapoorji Pallonji recast plan

Hindustan Times  

bThe Supreme Court’s verdict in favour of Tata Sons Ltd in the Tata-Mistry case may not affect the one-time restructuring plan of the Shapoorji Pallonji Group, but may have a bearing on its implementation. SP Group’s earlier attempts to raise funds from Toronto-based Brookfield Asset Management Inc. by pledging a portion of Tata Sons’ shares were nixed by the Tatas. …

Tata vs Mistry: A Rs 1.48 lakh crore question
4 years, 2 months ago

Tata vs Mistry: A Rs 1.48 lakh crore question

India Today  

Rs 1.48 lakh crore—that’s how much the market estimates the Tata Group will need to buy out the Shapoorji Pallonji Group’s 18.37 per cent stake in Tata Sons. Issues between the two business groups have been simmering for some years now, since Cyrus Mistry, son of SP Group chairman Pallonji Mistry, was removed as Tata Sons chairman in 2016. The …

Tatas may rope in a third party
4 years, 3 months ago

Tatas may rope in a third party

Live Mint  

Tata Sons Ltd has two options before it as it heads for a split with the Shapoorji Pallonji group: Raise about ₹1.5 trillion to buy out SP group’s shares, or find an external buyer for these shares. Tata Sons has the first right of refusal for 18.4% stake owned by two SP group investment companies. According to a person aware …

SP Group demands damages from Tata
4 years, 3 months ago

SP Group demands damages from Tata

Live Mint  

Shapoorji Pallonji Group has slapped a notice on Tata Sons Ltd’s board, seeking unspecified damages for blocking the group’s plan to raise funds by pledging its shares in the Tata group holding company. In the notice, the SP Group has asked whether Tata Sons’ board members were involved in the decision to block the group’s fundraising efforts to meet its …

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