Shapoorji Pallonji Group, a leading construction company, is securing funds of more than Rs 2,100 crore from a group of global investors led by Deutsche Bank, according to reports. The global investors are current stakeholders in the investment company Goswami Infratech, a promoter of Afcons Infrastructure, which is set for a Rs 7,000 crore IPO in the upcoming month.
The group has additionally requested a payment extension for non-convertible debentures worth Rs 2,100 crore, due in September, until December of the current year.
According to sources familiar with the situation, the SP Group is preparing to make near-term refunds totaling almost Rs 8,000 crore by utilizing funds from recognized liquidity programs such as the approaching IPO of Afcons Infrastructure and the auction of port assets.
"A few global investors in Goswami Infratech Pvt Ltd have agreed in principle to further their investments in the SP Group company," the spokesperson stated.
The group plans to invest more than Rs 2,100 crore in the initial phase in the SP Group solely in debentures, as stated by the individual. When contacted for a response, a representative of SP Group confirmed the progression.
The spokesperson mentioned, "We are proud to have very reputed global investors in our cap table. We are committed to our promises to our lender partners, as the Group embarks on a new phase of growth."
The SP Group is actively reducing its debt by selling assets like Eureka Forbes for Rs 4,400 crore, 40% of Sterling & Wilson Renewable Energy, and its stake in SP Jammu Udhampur Highway Ltd to NIIF for Rs 2,100 crore.
