SP Group secures Rs 21,500 crore to refinance debt

Shapoorji Pallonji Group has secured Rs 21,500 crore (comprising a Rs 15,200 crore rupee tranche and ~$650 million dollar tranche) to refinance existing debt, backed by its 18.37% stake in unlisted Tata Sons. The bond issuance was oversubscribed, attracting global investors including BlackRock, Goldman Sachs Asset Management, Davidson Kempner, Ares Management, and Deutsche Bank. Investors drew comfort from RBI's upper-layer NBFC framework, which makes a Tata Sons listing a highly likely event within 18 months, de-risking the SP Group's position.