SP Group offers 6x security cover for Rs 15,000 crore PFC loan

The Shapoorji Pallonji Group offered a security cover more than six times the Rs 15,000 crore loan from Power Finance Corporation. They secured the loan with land parcels and Tata Sons shares. The loan aims to refinance existing debts. PFC will have a lien on incomes from specific SP Group entities and dividends from Tata Sons. In case of a default, which the SP Group hasn’t done so far, govt through PFC will have a claim over Tata Sons shares.