SP Group Secures Rs 15,000 Crore Loan from PFC with Unparalleled Security Cover
SP Group offers 6x security cover for Rs 15,000 crore PFC loan, leveraging real estate franchise and Tata Sons shares as collateral
Sp GroupPfcTata SonsShapoorji Pallonji GroupReal EstateInfrastructureLoanSecurity CoverNbfcReal Estate MumbaiAug 06, 2024
The loan, sanctioned by the PFC board on June 14, will be utilized to refinance existing liabilities of promoter entities and retire debts of group operating companies. The SP Group, led by Shapoor Mistry, has provided land parcels in Mumbai and other locations, as well as a portion of Tata Sons shares owned by the promoters, as collateral against the loan amount.
Frequently Asked Questions
What is the loan amount sanctioned by PFC to SP Group?
Rs 15,000 crore
What is the security cover offered by SP Group for the loan?
Six times the loan value
What assets has SP Group provided as collateral for the loan?
Land parcels in Mumbai and other locations, as well as a portion of Tata Sons shares owned by the promoters
How will SP Group utilize the loan amount?
To refinance existing liabilities of promoter entities and retire debts of group operating companies
What is the planned IPO of Afcons Infrastructure expected to raise?
Rs 7,000 crore
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