Shapoorji Pallonji Group is launching a ₹25,500-crore bond issue, leveraging its 18.37% stake in Tata Sons. The bond’s repayment hinges on either Tata Sons going public via an IPO or a settlement with SP Group within 18 months. Recent central bank regulations classifying large entities like Tata Sons as upper-layer NBFCs significantly increase the likelihood of a listing, potentially aiding SP Group’s asset monetization.
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