India’s Shapoorji Pallonji Group has kicked off a planned ₹25,500 crore ($2.7 billion) refinancing with the sale of local-currency bonds, helping restore confidence among investors after months of uncertainty over the group’s ability to refinance looming debt maturities.
One of the group’s subsidiaries will issue about ₹15,000 crore worth of rupee-denominated bonds to a group of investors, including Farallon Capital Management, Davidson Kempner Capital and Cerberus Capital Management, said the people, who asked not to be identified because the information is private. The funds will be used to refinance debt at unit Goswami Infratech Pvt.
Separately, the group raised $650 million through a three-year dollar bond on Friday at a yield of 14.5 per cent, other people said.
Deutsche Bank AG, the sole arranger for both tranches of the offering, may invest about $400 million, making it one of the largest investors, the people said.
The fundraising provides the infrastructure-to-real-estate conglomerate much-needed liquidity after it twice extended the maturity of debt owed by Goswami. It also eases concerns about its ability to refinance near-term debt after months of talks with creditors. Investors are also watching the group’s 18.4 per cent stake in Tata Sons Pvt., as delays in unlocking value from that holding has complicated its refinancing efforts.
“The successful closing of the Shapoorji deal will mark another milestone for India’s private credit market, lifting investor confidence,” said Ajay Manglunia, executive director at Capri Global Capital Management. “Some local funds are showing interest in this deal due some visibility on Tata Sons.”
Delays in the refinancing had tested investor patience earlier, with some holders offering Goswami’s non-convertible debentures at around 90 per cent of par in the secondary market. While no trades were reported at those levels, there were some offers around par last week after progress on the refinancing, according to people familiar with the matter.
The most recent reported secondary market trade took place on June 16, when about ₹200 crore of Goswami’s NCDs changed hands at 165.33 rupee apiece, according to the National Stock Exchange of India, which publishes historical data on secondary debt market trades.
Rival BSE Ltd. and the NSE only display completed trades, with the latter being the more commonly used platform. Buy and sell offers that have not yet resulted in a trade are often shared privately.
SP Group’s three-year zero-coupon rupee bonds will be priced to yield 18.95 per cent, according to the people. Existing investors will receive a small discount, taking their effective yield to about 19.05 per cent. The bonds also include a greenshoe option.
The borrowings are backed by shares in group firm Afcons Infrastructure Ltd. and Tata Sons, in which the SP Group holds a 18.4 per cent stake, the people said. The loan agreement also requires the company to repay ₹13,500 crore within 24 months.
SP Group and Farallon Capital did not immediately reply to an email seeking comments. Deutsche Bank, Cerberus, Davidson Kempner declined to comment.
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Published on July 11, 2026
