The global financial firms Ares SSG Capital Management and Farallon Capital Management have finalised plans to offer up to Rs 15,000 crore in loans to Shapoorji Pallonji Group against Tata Sons Private (TSPL) shares. SP Group owns an 18.4 per cent stake in the holding company of the Tata group; the rest is owned by Tata Trusts, other Tata group entities, and small shareholders.
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SP Group will use the money to repay Indian banks as the March-end deadline for loan repayment draws nearer. The billionaire brothers are Shapoor Mistry and Cyrus Mistry.
