Mistry family seeks to exit Tata Group after court blocks sale of shares
The acrimonious divorce between the two groups would end a 70-year partnership
Mumbai/New Delhi — The billionaire Mistry family, the largest minority shareholder of the Tata Group, said it needs to separate its interests after India’s biggest conglomerate took steps to block the family’s attempt to borrow money against Tata shares.
Tata Sons informed the supreme court on Tuesday that it’s open to buying out the 18% stake owned by the Mistry family’s cash-strapped Shapoorji Pallonji Group if the latter needed to raise money for paying maturing debt. The SP Group instead wanted to borrow funds using the shares as collateral, a move Tata considers as potentially risky because the securities may end up falling in the hands of unfriendly investors...