The funding is likely to be closed next week or in the first week of April, one of the sources said.
According to these sources, five private credit funds, including Davidson Kempner Capital Management, Cerberus Capital Management, Ares Management, Farallon Capital Management and One Investment Management are set to extend around Rs 22,000 crore funding that the Group needs to refinance its dollar debt.
Of these five, Farallon Capital and One Investment are existing creditors to the diversified group.
According to sources, more than a dozen investors are participating in the fund-raising programme, with completion anticipated by early April.
The 160-year-old Shapoorji Pallonji Group, known for constructing iconic structures in Mumbai like the RBI headquarters, will use the funds to refinance existing debt raised against its promoters’ 18.6% stake in Tata Sons, the holding company of the $165-billion Tata Group.