Investors who backed the Shapoorji Pallonji Group’s eye-watering 19.75% zero‑coupon $3.34 billion bond issue finally have something to steady their nerves. It may be more reprieve than rescue.The news that Tata Sons and the Group have begun formal talks over Shapoorji Pallonji’s 18.37% stake exit marks the most realistic route yet to monetising the group’s most valuable, yet stubbornly illiquid, asset. For lenders staring down a 2028 bullet repayment — principal, plus four punishing years of interest pile up — in the unforgiving world of high‑yield debt, that matters.This is no ordinary borrowing. The $3.34 billion bond raise, India’s largest private credit deal, was arranged by Deutsche Bank and anchored by global heavyweights like Ares, Cerberus, and Davidson Kempner. It is secured against a 9.2% stake in Tata Sons, held by Sterling Investment Corp, and prime real estate, but until now the choicest collateral has been untouchable.
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