A Tata Sons lawyer informed the SC of the offer to purchase the 18% stake owned by the cash-strapped Shapoorji Pallonji Group to raise money for paying maturing debt. The SP Group has pledged the shares to borrow funds, a move that was objected to by the Tata group .
The embattled SP Group has raised Rs 5,000 crore by way of debentures against pledges in favour of Axis and IDBI — a fact not reported previously. Cyrus Investments has pledged almost 82% of its holding in Tata Sons in favour of Axis Trustees to secure debenture funding of Rs 825 crore, which was later modified to a total amount of Rs 3957.84 crore in April 2020, said the Tata Sons plea in the SC.
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