The Shapoorji Pallonji (SP) Group has reportedly raised $200 million in bridge financing from Deutsche Bank against its shares in Tata Sons. In another development, Indiabulls Housing Finance has exited three realty projects of its investee companies across Mumbai, the National Capital Region (NCR) and Hyderabad.
Shapoorji Pallonji raises $200m against Tata Sons shares
According to a report in The Economic Times, this short-term finance is part of a larger fundraising exercise that the Mistrys and SP Group are evaluating to deal with the liquidity squeeze. The 18% stake that the Mistry family owns in Tata Sons is held through the two entities.
The SP Group, which has initiated several divestment exercises, including selling flagship Eureka Forbes and solar energy assets, needs Rs 5,000-6,000 crore to restructure the balance sheet ahead of asset sales.
Indiabulls Housing exits three projects
Mortgage lender Indiabulls Housing Finance has exited three realty projects of its investee companies across Mumbai, the National Capital Region (NCR) and Hyderabad, worth nearly Rs 450 crore, The Economic Times reported.
Real estate developer M3M has repaid Rs 225 crore to Indiabulls after raising funds from the State Bank of India for its residential project M3M Golf Estate in Gurgaon. On the other hand, Mohan Group has also repaid Rs 110 crore to the housing finance company. Hyderabad-based GSM Mega Infrastructure, too, has repaid dues of Indiabulls after raising Rs 102 crore from Karnataka Bank against its premium retail property GSM Mall.
Over the last few months, Indiabulls Housing Finance has exited from several of its large projects such as One BKC in Mumbai, Vatika Mindscapes in New Delhi, RMZ Centennial and Nxt in Bengaluru, and Chennai’s Ozone TechnoPark.