Shapoorji Pallonji Group looking to raise up to Rs 20,000 cr from lenders: report | Top Vip News

Shapoorji Pallonji Group is in talks with lenders, including state-owned Power Finance Corp., seeking to raise up to 20 billion rupees ($2.4 billion), according to people familiar with the matter.

The group, controlled by Indian billionaire Shapoor Mistry, approached Power Finance for up to 15 billion rupees, the bulk of the planned fundraising, said the people, who asked not to be identified because the details are private. Negotiations are ongoing and loan details could change, they added.

It is also gauging interest from Davidson Kempner Capital Management and Cerberus Capital Management LP, the people said.

Proceeds from the loan, which would likely be a privately placed rupee bond, will be used in part to refinance debt acquired about three years ago by SP Group’s main investment vehicle, Sterling Investment Corp., against Tata Sons shares. , the Indian holding company. diversified conglomerate Tata Group, the people said. Sterling owns a 9.1% stake in Tata Sons, according to a note from ratings firm CareEdge.

Shapoorji Pallonji Group did not immediately offer comment when contacted by Bloomberg News about the fundraising plan. Davidson Kempner declined to comment. Cerberus and Power Finance did not respond to requests for comment.

Last year, Goswami Infratech Pvt., another SP Group company, raised Rs 143 billion in India’s largest low-rated local currency bond.