Pallonji Group seeks to sell Tata stake amid feuds
23 Sept 2020
This is the first time the Shapoorji Pallonji Group has expressed willingness to sell Tata shares,” said Arun Kejriwal, director at KRIS, an investment advisory firm in Mumbai. “The group is in a financial mess. The best option before the group is to sell the stake to the right suitor to tide over the crisis.” (REUTERS)
The Mistry clan’s cash-strapped Shapoorji Pallonji Group, the largest minority shareholder of the $113 billion Tata empire’s holding firm, wanted to borrow money by using a part of its Tata stake as collateral. Tata has opposed such a move that risk the possibility of shares ending up in the hands of unfriendly investors. In an ongoing legal battle, Tata told the Supreme Court Tuesday that it’s open to buying out Mistry instead, if the latter needed funds.