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On debt rejig drive, SP Group may sell stake in 3 companies - The Hindu BusinessLine


On debt rejig drive, SP Group may sell stake in 3 companies
Surabhi
Mumbai |
Updated on
 
The Shapoorji Pallonji Group is looking to monetise its assets and may sell its stake partly or fully in at least three of its group companies, including Eureka Forbes, Sterling and Wilson Solar and Afcons Infrastructure, as part of the one-time debt restructuring package being discussed with the lenders.
The company plans to raise about ₹10,332 crore through this asset sale. Additionally, Inter Corporate Deposits (ICDs) given to the SP Group companies are also likely to be realised, largely from its real estate joint venture, SD Corp, and other entities forming part of Shapoorji Pallonji and Company Private Ltd’s real estate portfolio through monetisation of their project assets. ....

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SP group close to debt settlement with bankers - The Hindu BusinessLine


SP group close to debt settlement with bankers
January 27, 2021
Shapoorji Pallonji Group (SP Group) is in the final stages of concluding its One Time Resolution (OTR) plan, which was invoked by its lenders on October 26, 2020, following the group’s inability to repay debt.
However, a time line for the OTR, which was to safeguard the financial interest of all stakeholders and protect the livelihoods of the group’s employees and contractors, was not immediately available.
Shapoorji Pallonji and Company Private Ltd (SPCPL), the holding company of the 150-year-old SP Group, had sought the OTR for its obligations under the Covid-19 relief framework regulations of the Reserve Bank of India (RBI). The firm had applied for the reliefs under the provisions in September last year. Nearly a month later, all the lenders had approved the OTR unanimously. ....

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