This could further complicate ongoing settlement talks, including a possible share swap under which SP Group would receive shares in listed Tata Group companies in exchange for its stake in Tata Sons.
“The real story here is not the listing mandate,” said Aurelia Menezes, a partner at the corporate law firm King Stubb & Kasiva. “What is more important for SP Group is the parallel execution of settlements.” It would be strategically preferable for SP Group to complete talks with Tata Group over a possible share swap deal, which have reportedly stalled due to differences over valuations, Menezes said.