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SP Group fundraising plans likely to run into trouble
Financial Express Mumbai
|April 10, 2024
SHAPOORJI PALLONJI GROUP'S (SP Group) plans to refinance debt and infuse cash in its operating companies by pledging Tata Group shares are likely to run into trouble with the potential lenders raising concerns and technical difficulties.
The lenders, whom the group is in talks with, have expressed concerns over refinancing of the shares with "restriction" as transfer of shares can be rejected by Tata Sons and requires votes by promoter group as per Articles of Association. Further, these shares were earlier pledged to raise funds, and raising another round of funding is not "appropriate", sources close to the development told FE.
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