Shapoorji Pallonji’s debt repayment plan includes Rs 4,000 crore loan from HDFC
New Delhi: In order to repay the debt of its financiers with the banking sector,
To raise Rs 4,000 crore, SPCPL will pledge shares of
For the uninitiated, the SP group and the Tata group have not been on good terms since the ousting in October 2016 of
SPCPL prepaid its loan in order to be protected from the label of defaulter. According to a person quoted above, the company had to reduce its debt by March, according to the terms of the OTR, in order to be able to meet certain financial covenants relating to the debt ratio.
It can be noted that the duration of the OTR provided for a moratorium of 2 years and that the payment of the principal of the loan was to start from September 2022. as a defaulter. To avoid this, he prepaid the entire loan,” the person said.
Another attempt to reduce the group’s debt was made in the last calendar year when SP Group promoted Evangelos Ventures raised Rs 9,530 crore from affiliates of private equity funds Ares SSG Capital and Farallon Capital .