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The Tata Trusts and Tata Sons are said to be closely monitoring the Shapoorji Pallonji (SP) Groups bid to raise ₹20,000 crore from state-run institutions to refinance debt taken against stakes in the Tata Group holding company.
"Indian lenders and their credit committees would need to evaluate whether their inability to transfer or sell the security in a default situation represents an acceptable risk," said one of the persons.
Afcons Infrastructure, the flagship infrastructure engineering and construction company of Shapoorji Pallonji group has filed its DRHP with market regulator Sebi to raise Rs 7,000 crore via IPO.
Moreover, the company may consider raising up to Rs 250 crore in the "pre-IPO placement" round. If such placement is completed, the fresh issue size will be reduced.
Shapoorji Pallonji Group's company, Afcons Infrastructure, is looking to raise Rs 7,000 crore through its initial public offering (IPO).