Shapoorji Pallonji Group will have to restructure debt to the tune of Rs 10,900 crore following its announcement of exit from the Tata Sons.
The relief is being sought under the one-time loan restructuring plan approved by the Reserve Bank after it accepted the KV Kamath panel report, which allows financially stressed companies to recast their debt for two years, an official told PTI.
The Tatas in this month had moved the Supreme Court to block the SP Group’s attempt to pledge a portion of its 18.37 per cent stake in Tata Sons, valued at over Rs 1.78 lakh crore. Reportedly SP Group had inked a fund raising deal with the Canadian fund, Brookfield for Rs 3,750 crore.
The Apex Court has asked both the parties to maintain status quo on shares till October 28 when it will pronounce the judgment of Mistry’s petition.
The Pallonji Group has informed the apex court that it would want to end the 70 year old association with the Tatas as the mutual trust between them has been broken beyond repair.
