Shapoorji Pallonji Group (SP Group) is currently seeking consent from its non-convertible debenture (NCD) holders to waive certain restrictive covenants. This is being done in order to facilitate the refinancing of loans that are secured against Tata Sons shares.

The group has achieved significant de-leveraging by monetizing ports and other assets, resulting in a lower outstanding debt compared to its obligations. The group has faced delays in refinancing its existing debt, which has prompted them to request the Debenture Trustee to remove constraints that are hindering discussions with lenders.

The Mistry family raised funds for the NCDs, totaling Rs 14,300 crore, through Sterling Investment in 2021. The primary sources of these funds were alternative investment manager Ares SSG and hedge fund Farallon Capital. The request for the waiver comes after Goswami Infratech, a SP Group entity, made substantial repayments through the IPO of Afcons Infrastructure and the sale of its stake in Gopalpur Port to the Adani Group.