Synopsis
Lenders to SP Group will have to offer the first right of refusal to Tata Sons under Article 75 of the holding company’s articles of association, if the pledge were to be invoked. Officials close to the development said the lenders have done their due diligence on the legal validity of the possible pledge of shares.
The Shapoorji Pallonji Group could pledge its entire 18.37% stake in Tata Sons, the Tata Group’s holding company, to raise funds to service some of the group’s debt if discussions with multiple lenders work out, officials close to the development said.
Lenders to SP Group will have to offer the first right of refusal to Tata Sons under Article 75 of the holding company’s articles of association, if the pledge were to be invoked. Officials close
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