Billionaire Shapoorji Mistry-led Shapoorji Pallonji Group is said to be in discussions to raise $1.6 billion via a private credit facility, Bloomberg has said quoting sources. The sources have told Bloomberg that the tenor of three years is being discussed, with a interest rate of double digital.
Part of the money raised will be used to refinance existing loans.
It's being said that the group could pledge some of its shares in Tata Sons to raise the required capital. No official response has been provided by the group's spokesperson so far.
The engineering and infrastructure group is looking for ways to free up cash amid rising interest rates. Among the various options, the group is weighing asset sales, Bloomberg had reported earlier in April.
In 2022, the group sold the water purifier maker business Eureka Forbes to the Advent International. Additionally, the group divested Sterling and Wilson Renewable Energy to Reliance Industries. Shapoorji Pallonji Group repaid $1.5 billion to lenders.
Bloomberg further said that Deutsche Bank AG and Standard Chartered Plc are organising the private credit deal. Ontario Municipal Employees Retirement System, Varde Partners LP, Cerberus Capital Management LP and Farallon Capital Management LLC are also part of the discussions.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Repolling underway at one polling booth in Chamarajanagar LS segment in Karnataka
Apr 29, 2024 10:32 AM
2024 Lok Sabha Elections | What does a low voter turnout indicate for NDA and I.N.D.I.A Bloc
Apr 29, 2024 5:48 AM
'Borrowed' leaders: Congress hits out at AAP for not fielding their own candidates in Punjab
Apr 28, 2024 9:53 PM
EC asks AAP to modify election campaign song and Kejriwal's party is miffed
Apr 28, 2024 9:25 PM