New Delhi, Nov. 27 -- Debt-laden Shapoorji Pallonji Group is banking on Tata Trusts softening the stance on its potential exit from Tata Sons to reduce its borrowing costs, two people aware of the matter said.

SP Group company Goswami Infratech Pvt. Ltd is looking to raise Rs.20,000-25,000 crore by selling three-year high-yield bonds to refinance an earlier loan. According to one of the two people cited above, bankers led by Deutsche Bank are pitching investors a coupon of 15-16%, sharply lower than initial expectations of around 19.75%, betting on a "positive development" involving Tata Sons.

"The pitch was simple," said one of the people. "With the changes in the Trustees' group, they are expecting that either Noel Tata will manage to...