India Digest: SP Group pledges Tata Sons shares; Indiabulls Housing exits 3 projects

Photo: Pradeep Gaur/Mint

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

The Shapoorji Pallonji (SP) Group, through Sterling Investments and Cyrus Investments, has raised $200 million in bridge financing from Deutsche Bank against its shares in Tata Sons.

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.