Mistry Seeks $24 Billion of Shares in Tata Firms to Cut Ties (1)

Billionaire Pallonji Mistry has sought to swap his stake in Tata Sons Pvt., which his group values at $24 billion, for shares in the listed companies of India’s biggest conglomerate as the former partners move to sever ties.

The Shapoorji Pallonji Group told the Supreme Court it estimates its 18.4% stake in the Tata Group’s main holding company to be worth more than 1.75 trillion rupees ($23.5 billion) including valuation of the brand. It’s seeking pro-rata shares in listed Tata entities, cash, or any marketable instrument in lieu.

This “largely non-cash settlement would ease pressure on Tata to ...