SP Group to raise $125 million via tap issue, Rs 3,250 crore in rupee bonds
In a significant financial move, Shapoorji Pallonji Group plans to generate $125 million through a tap issue of current dollar bonds, targeting an impressive ₹3,250 crore via unrated rupee-denominated bonds for refinancing purposes. This capital-raising endeavor is likely to finalize by Thursday, with payments assigned for October 1. The influx of interest has led to oversubscription in recent…
The Shapoorji Pallonji Group is set to raise $125 million and about ₹3,250 crore through rupee-denominated unrated bonds, aiming to refinance approximately ₹3,500 crore of bonds maturing on October 1. The $125 million tap issue, a portion of its existing three-year dollar bonds, will carry a 14.5% coupon and have a remaining tenor of about two years and 10 months.
The rupee-denominated bonds will yield around 18.95%, also with a similar tenor. The group is expected to complete the fundraising by Thursday, as the issue was oversubscribed, prompting them to reduce investor allocations.
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