Key facts
- Shapoorji Pallonji Group is seeking an extension for ₹14,300 crore of maturing bonds.
- The group has reduced its overall refinancing target by ₹3,500 crore.
- The first tranche of the refinancing program is now expected to be around ₹22,000 crore.
- The Goswami and Porteast debt facilities are secured against SP Group's 18.38% stake in Tata Sons.
The Shapoorji Pallonji Group (SP Group) is facing delays in its refinancing efforts and is seeking more time from its bondholders. The conglomerate has reduced the size of its proposed ₹28,500 crore refinancing program by ₹3,500 crore. Specifically, the first tranche of the fundraising has been scaled down to approximately ₹22,000 crore from an initial ₹25,500 crore. SP Group is also planning to request an additional two-month extension for ₹14,300 crore of bonds that are nearing their maturity date. These debt facilities, including the Goswami and Porteast facilities, are secured against SP Group's 18.38% stake in Tata Sons. The delays in executing the debt raise are compelling the group to seek further accommodation from its creditors.