SP Group to secure $1.75 billion against Tata stake
One of the largest shareholders in Tata Sons, the Shapoorji Pallonji SP Group, is reportedly in talks to pledge the other half of its stock in the Tata Group’s unlisted holding company in order to fund $1.75 billion.
A second individual added, “With this, the total value of the loans raised by Mistry family-held entities against shares of Tata Sons will exceed $3 billion.” “
The SP Group, which was established by Pallonji Mistry in 1865, is one of India’s oldest diversified industrial conglomerates.
After the late Cyrus Mistry was fired as chairman of Tata Sons in 2016, the group’s relationships with the Tata Group, which had previously been close, worsened.