Shapoorji Pallonji in talks to raise $2.4 billion from lenders including PFC
Power Finance Corp., seeking to raise as much as 200 billion rupees ($2.4 billion), people familiar with the matter told Bloomberg. Also Read | JSW Infrastructure acquires Shapoorji Pallonji Group’s stake in PNP port 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.
Also Read | Afcons IPO: Shapoorji Pallonji arm in discussions with banks for issue It’s also gauging interest from Davidson Kempner Capital Management and Cerberus Capital Management LP, the people told Bloomberg. Also Read |Shapoorji Pallonji Group looks to raise $1.6 bn via private credit facility, may pledge shares in Tata Sons: Report 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. Also Read | Mumbai news: IAS officer Bhushan Gagrani appointed as new BMC chief Shapoorji Pallonji Group didn’t immediately offer comments when reached by Bloomberg News regarding the fund-raising plan. Davidson Kempner declined to comment.
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