SP Group arm to tap bond pipeline to raise Rs 1,500 crore
Shapoorji Pallonji Group's financing unit Eqyizen Investment is planning to raise ₹1,500 crore through a tap issue. The fundraising is scheduled around November 23 and will support refinancing efforts and liquidity needs. Proceeds will be allocated for repaying existing bondholders and funding group entities. The company aims to negotiate with bondholders to relax existing covenants governing the…
The Shapoorji Pallonji Group is considering raising around ₹1,500 crore through a tap issue of its existing rupee bonds, with the proceeds to be used for repayment of existing bondholders and funding group entities' requirements. The fundraising is expected to take place around November 23, as the conglomerate seeks greater flexibility in deploying fresh borrowings and addressing liquidity needs.
The group is also exploring the possibility of increasing the portion of proceeds available for uses other than bond repayment to at least 50%, up from the current 25%.
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