Shapoorji Pallonji: Shapoorji Pallonji plans to boost Rs 22,000-cr in early 2026 to retire high-cost debt

Mumbai: The Shapoorji Pallonji (SP) Group would elevate $2.5 billion (about ₹22,000 crore) within the first quarter of subsequent calendar 12 months to retire pricey current debt, for which the infrastructure conglomerate has begun reaching out to current buyers to know whether or not they would need their cash now or through the scheduled maturity in April.

The focused fundraising, which seeks to retire $1.7 billion ((₹15,000 crore) of current high-cost debt, is what analysts describe because the second section of a capital restructuring train at group entity Goswami Infratech.

“Refinancing is step two, which is the Q1 occasion,” stated an individual accustomed to the event. “The first step is the modification train, permitting buyers to verify whether or not they need compensation in December or want to proceed.”
The group has, due to this fact, began reaching out to current buyers with the amended phrases on the present bonds.

Initially slated for non-obligatory compensation in December 2025, the corporate has proposed aligning the non-obligatory redemption date with the ultimate maturity in April 2026. The Goswami facility, raised in June 2023 at an 18.75% yield, was partially repaid by way of funds raised from Afcons itemizing and monetisation of port belongings like Gopalpur Port and Dharamtar Ports.

About $1.7 billion, ₹15,000 crore, stays excellent. Deutsche Financial institution, which organized the 2020 Goswami financing, is backstopping the transaction to make sure compensation for any investor opting to exit. SP Group is finalising compensation and refinancing plan. “There isn’t any change in phrases or covenants, and it’s merely an alignment of the choice date with maturity,” a supply added. “Buyers have the flexibleness to both get repaid or keep invested.”

The Goswami bonds are extensively held amongst international funds, with high buyers, together with Deutsche Financial institution, Cerebrus, Varde, Farallon, Davidson Kempener, and others who participated in earlier tranches.

In Might this 12 months, the infrastructure conglomerate had raised $3.35 which was three-year non-convertible debentures (NCDs) carrying a 19.75% yield, compounded yearly and payable at maturity. The debt was secured by SP Group’s 9.2% stake in Tata Sons held through Sterling Funding, its actual property arm Shapoorji Pallonji Actual Property, and SP Power, the oil and fuel enterprise.

SP Group owns 18.37% of Tata Sons, the unlisted holding firm for India’s most valued conglomerate, the Tata Group. The worth of the SP Group’s stake in Tata Sons, primarily based simply on its holdings in listed Tata Group corporations, is greater than ₹3 lakh crore ($35 billion).