Tata Group: This company can pledge Tata Sons shares, is in dire need of money – shapoorji pallonji group may pledge tata sons shares to raise 1.6 billion dollar
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A spokesperson for the Shapoorji Pallonji Group declined to comment. The group has been planning to raise cash for a long time. It was reported in April that the group was looking to raise $2 billion by selling a controlling stake in its flagship engineering company. Last year, the group sold water purifier equipment maker Eureka Forbes to Advent International. Also Sterling & Wilson Renewable Energy was sold to Reliance Industries. After this sale, SP Group had repaid $1.5 billion to the banks.
Who is organizing the deal
According to experts, Deutsche Bank AG and Standard Chartered Plc are organizing the private credit deal. Ontario Municipal Employees Retirement System, Varde Partners LP, Cerberus Capital Management LP and Farallon Capital Management LLC are also involved in the talks. Some part of the amount raised from this exercise will be used to pay off the loans of the banks. Deutsche Bank and Ontario Municipal declined to comment. Other banks and investors did not immediately comment.
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