Tata go-ahead not needed to pledge shares, says Shapoorji Pallonji Group

Has approached foreign banks for a Rs 5,000-crore bridge loan

Shapoorji Pallonji (SP) Group does not need Tata Group’s permission to pledge a part of its 18.5-per cent stake in Tata Sons, said a top executive of SP Group.

Its stake is worth Rs 2.4 trillion; its immediate fund requirement is just Rs 5,000 crore to pay Indian lenders, in keeping with the one-time restructuring (OTR) of the debt proposal.

“The Supreme Court (SC) has not issued any order to the effect that SP Group stake cannot be pledged. The Tatas have not filed any review petition either,” said the executive.

The group has not asked the Tatas for permission to pledge its