The Shapoorji Pallonji (SP) Group, the single largest shareholder of Tata Sons, is in talks to raise $1.75 billion by pledging remaining half of its stake in the unlisted holding company of the Tata Group, The Economic Times reported, citing people with knowledge of the matter.
The SP Group is looking to repay part of its debt obligations and infuse cash into its operating companies, they said.
The group has already pledged close to 9% of its 18.37% stake in Tata Sons. After this latest transaction, the entire stake, currently valued at close to ₹94,000 crore, will be pledged to lenders including two foreign banks and several overseas hedge and credit funds. The zero-coupon payment-in-kind (PIK) loan will be raised by Cyrus Investment Pvt Ltd (CIPL), a Mistry family entity, and will be repaid at a pre-agreed value at the end of the maturity, which is expected to be around three years.
Reliance Retail-backed quick commerce startup Dunzo has secured funding of $75 million through convertible notes, said several people aware of the matter to ET.
It is also laying off about 30% or over 300 emoloyees besides planning a shift in the business model, employees were told at a townhall on Wednesday.
About $50 million of the funding is coming from Google and Reliance Retail while other existing investors are putting in the rest.
