A prominent realty firm, Shapoorji Pallonji Group has asked for more time to meet the payment obligation from the bondholders of group company Goswami Infratech, according to the report.
The company has to pay around 14 billion rupees ($167.62 million) to bondholders of Goswami Infratech when it services the debt of another group company, Sterling Investment Corp. The payment needs to be done May 26th, but the company has sought an extension till Sept 30th.
Goswami Infratech told Axis Trustee Services in a letter that,"trigger event is expected to occur on May 26, 2024" and that Sterling Investment Corp was unable to raise any additional financing.
During June 2023, Goswami Infratech had raised Rs.14,300 crore rupees through two-year and 10-month bonds at 18.75% yield, and investors included large private credit funds.
To the holders of non-convertible debentures (NCD), Shapoorji has told, that the company is trying to raise funds to repay the debt raised against shares of Tata Sons held by Sterling Investments Corporation Private Limited (SIPL). They have said that, they need more time to raise sufficient debt to repay the SIPL's loans and then make the Rs. 1,400 crore repayment to the Goswami Infratech NCD holders.
On May 6th Shapoorji Group was in conversation with Power Finance Corp to raise as much as $1.2 billion to refinance part of the Rs. 20,000 crore debt.
Shapoorji Paollonji had signed strategic partnership with Adani Ports and Special Economic Zone on March 26th to sell a 95 percent stake in Gopalpur Port in Odisha for Rs 1,349 crore. Adani ports will purchase 56% of the stake in the port SP Group.
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