Shapoorji Pallonji averts crisis, pays Rs 3,000 cr dues to lenders

Shapoorji Pallonji & Co, the flagship firm of the Pallonji Mistry group, has crossed an important financial milestone by repaying/refinancing Rs 3,000 crore of bank dues as on March 31.
 

The dues were paid without pledging the group’s 18.5 per cent stake in Tata Sons, said a source close to the development. A private equity (PE) source said though the SP group wanted to offer Tata Sons shares as pledge, they were hesitant to take these shares as pledge because there could be potential litigation by the Tatas and lack of liquidity in the private limited firm’s shares.

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