Mumbai, Aug. 7 -- Shapoorji Pallonji (SP) Group's record $2.7 billion bond issue is finding a new class of investors. Backed by the group's stake in Tata Sons, the debt is now being offered to high-net-worth individuals (HNIs), ultra-HNIs and family offices through private wealth platforms, two people aware of the matter told Mint. These investors are thus getting exposure to the value of the holding even as uncertainty persists over when, or if, Tata Sons will go public.

Private wealth managers are parceling out pieces of the Rs.21,350 crore unrated, unlisted debt issue, selling investors a future payoff tied to Tata Sons' potential initial public offering (IPO), said the people in the know.

This development comes after the Reserve Ban...