BackShapoorji Pallonji in talks to raise $2.4 billion from lenders including PFC
Shapoorji Pallonji Group is in talks with lenders including state-run Power Finance Corp., seeking to raise as much as 200 billion rupees ($2.4 billion), according to people familiar with the matter.
PremiumShapoorji Pallonji Group is in talks with lenders including state-run Power Finance Corp., seeking to raise as much as 200 billion rupees ($2.4 billion), people familiar with the matter told Bloomberg.
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The group, controlled by Indian billionaire Shapoor Mistry, has reached out to Power Finance for up to 150 billion rupees, the largest chunk in the planned fundraising, the people said, asking not to be identified because the details are private. Negotiations are ongoing and details of the lending could change, they told Bloomberg.
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It’s also gauging interest from Davidson Kempner Capital Management and Cerberus Capital Management LP, the people told Bloomberg.
The proceeds from the lending, which would likely be a privately placed rupee-bond, will be partly used to refinance debt taken about three years ago by SP Group’s main investment vehicle Sterling Investment Corp. against shares in Tata Sons, the holding company of India’s diversified conglomerate Tata Group, the people said. Sterling owns a 9.1% stake in Tata Sons, according to a note by rating company CareEdge.
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Shapoorji Pallonji Group didn’t immediately offer comments when reached by Bloomberg News regarding the fund-raising plan. Davidson Kempner declined to comment. Cerberus and Power Finance didn’t respond to requests for comment.
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Last year, Goswami Infratech Pvt., another SP Group company, raised 143 billion rupees in India’s biggest low-rated local currency bond. Also
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