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. Cyrus Mistry, former chairman of the Tata group, had proposed a plan of separation that involved a swap of the 18.47% held by his family in Tata Sons for shares of Tata Consultancy Services Ltd. Bankers said while the restructuring will go on as planned, the success of the plan depends on the valuation of shares finalized by the two parties, besides SP Group’s ability to raise funds by pledging its substantial stake in Tata Sons. The Tata group had said SP Group cannot give its holding company, Tata Sons’ shares as collateral without its permission and moved Supreme Court.

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History of this topic

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 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 …

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’ …

Tata pegs Shapoorji Pallonji stake at half the latter’s claim
4 years ago

Tata pegs Shapoorji Pallonji stake at half the latter’s claim

Live Mint  

An elephant-sized difference in views about how much the Pallonji Mistry family’s stake in Tata Sons Ltd is worth has put paid to hopes of a quick truce between the Tata group holding company and its single-largest shareholder. On Tuesday, Tata Sons, which has challenged the Mistry family’s move to pledge or sell its 18.4% stake in the holding company, …

Shapoorji Pallonji group’s latest offer may not find favour with Tatas
4 years, 1 month ago

Shapoorji Pallonji group’s latest offer may not find favour with Tatas

Live Mint  

The Shapoorji Pallonji group’s offer to swap its stake in Tata Sons Ltd for shares in publicly traded Tata group companies is unlikely to find support at Bombay House, the corporate headquarters of India’s largest conglomerate. Accepting the offer in the current form will risk giving the SP group more say in the listed Tata companies, which may not be …

Shapoorji Pallonji Group Wants Stakes In All Tata Group Companies As Part Of The Settlement
4 years, 1 month ago

Shapoorji Pallonji Group Wants Stakes In All Tata Group Companies As Part Of The Settlement

ABP News  

Shapoorji Pallonji Group has sought to swap its stake in Tata Sons, which his group values at $24 billion, for shares in the listed companies of India's biggest conglomerate as the former partners move to break ties, four years after Cyrus Mistry was ousted as chairman of Tata Group.The SP Group has told the Supreme Court that it estimates its …

Shapoorji Pallonji Group Submits Plan to SC for Separation from Tatas
4 years, 1 month ago

Shapoorji Pallonji Group Submits Plan to SC for Separation from Tatas

News 18  

The Shapoorji Pallonji Group on Thursday said it has submitted a plan to Supreme Court to end its seven decades-old association with the Tata Group. “Tata Sons is effectively a two-group company, with the Tata Group comprising Tata Trusts, Tata family members and Tata companies holding 81.6 per cent of the equity share capital, and the Mistry family owning the …

Shapoorji Pallonji Group Withdraws Letters Alleging Irregularities in Bidding Process for New Parliament Building
4 years, 2 months ago

Shapoorji Pallonji Group Withdraws Letters Alleging Irregularities in Bidding Process for New Parliament Building

News 18  

The Shapoorji Pallonji Group has withdrawn letters alleging irregularities and conflict of interest in Tata Projects' winning bid to construct the new Parliament building after the government department concerned asserted that there were no wrongdoings in the process, sources said. In the letter, SP Group further said,"We also appreciate your confirmation that the entire bidding process was carried out impartially …

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 …

’Tata Sons tried to suppress, harm Shapoorji Pallonji group’: Read the full statement by Mistry family
4 years, 3 months ago

’Tata Sons tried to suppress, harm Shapoorji Pallonji group’: Read the full statement by Mistry family

Live Mint  

The Mistry, the largest minority shareholder of the Tata Group, said it needs to separate its interests after the country's biggest conglomerate took steps to block the family’s attempt to borrow money against Tata shares. on Tuesday informed the Supreme Court that it’s open to buying out the 18% stake owned by the Mistry family’s cash-strapped Shapoorji Pallonji Group if …

Shapoorji Pallonji Group Exits Tata Group, Says Separation of Interest Best for Each Party
4 years, 3 months ago

Shapoorji Pallonji Group Exits Tata Group, Says Separation of Interest Best for Each Party

News 18  

Shapoorji Pallonji Group, the largest minority shareholder in Tata Group, is all set to part ways with it. In a statement, the Mistry group, which owns 18.5% stake in Tata Sons, said a separation from the Tata Group is necessary due to the potential impact this continuing litigation could have on livelihoods and the economy. As the largest minority shareholder …

’Time to separate’: Shapoorji Pallonji Group agrees to exit Tata Sons
4 years, 3 months ago

’Time to separate’: Shapoorji Pallonji Group agrees to exit Tata Sons

Live Mint  

New Delhi: Shapoorji Pallonji Group on Tuesday said it's time to exit from Tata Sons after a relationship that spanned 70 years turned sour in the last few years. "Today, Shapoorji Pallonji Group stated before the Supreme Court that separation from Tata Group is necessary due to potential impact this continuing litigation could have on livelihoods and the economy," the …

Willing to buy Mistry firm shares if they need funds: Tata group
4 years, 3 months ago

Willing to buy Mistry firm shares if they need funds: Tata group

Live Mint  

MUMBAI: The Tata group on Tuesday informed the Supreme Court that they were willing to buy shares of Tata Sons held by the Shapoorji Pallonji group if the latter needs funds. On Tuesday, a Supreme Court bench comprising Justice SA Bobde, Justice AS Bopanna and Justice V. Ramasubramanian ordered a status quo for four weeks on any transfer or pledge …

Blow to Mistrys: SC orders status quo on Tata share pledges
4 years, 3 months ago

Blow to Mistrys: SC orders status quo on Tata share pledges

Live Mint  

MUMBAI: In a blow to the Shapoorji Pallonji group, the Supreme Court on Tuesday ordered a status quo on creating pledges or encumbrances on shares of Tata Sons. Shapoorji Pallonji group had been pledging shares held by it in Tata Sons to raise funds. On 5 September, Tata Sons had moved an "urgent" application before the Supreme Court to restrain …

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 …

Shapoorji Pallonji group misses deadline to repay Sterling dues
4 years, 3 months ago

Shapoorji Pallonji group misses deadline to repay Sterling dues

Live Mint  

Shapoorji Pallonji group on Wednesday said it has missed a deadline to repay dues to group company Sterling and Wilson Solar Ltd, raising doubts about the group’s ability to service its debt amid a faltering fundraising plan. “The Mistry family has been desperately looking to raise cash to meet its debt obligations but hasn’t had much success so far.” The …

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