SP Group bonds offered at premium on Tata Sons stake-sale plan, bankers say

Deutsche Bank and other investors are offering ​rupee-denominated bonds of a Shapoorji Pallonji Group firm at ‌a premium, encouraged by the group’s plans to ​sell part of its stake in ⁠Tata Sons, three merchant bankers said on Monday (September 21, 2026).

Tata Trusts, the controlling shareholder in Tata Sons, last week said SP ‌Group proposed to sell part of its stake worth ₹250 billion ($2.61 billion). ‌That would give much-needed funds to the debt-laden ‌infrastructure ⁠and construction conglomerate, the second-largest shareholder in ⁠Tata Sons.

SP Group entity Eqyizen Investment had raised ₹213.50 billion through three-year zero-coupon bonds at a yield of ​18.95% in July. The ‌bonds are now being offered at a yield of around 18.70%-18.75%, the bankers said, requesting anonymity as they are not authorised to speak to ‌the media.

Eqyizen’s bonds are secured by SP ​Group’s stake in Tata Sons, held through Cyrus Investments.