India’s Shapoorji Pallonji Group has secured investor commitments of more than $4 billion for its debt sale in April, surpassing its funding target, two sources familiar with the matter said on Friday. The group, which caters to sectors including construction and real estate, plans to raise $3.2 billion to $3.3 billion through the bond issue, … Read more
India’s Shapoorji Pallonji Group is likely to raise around $3.3 billion through sale of bonds in the first quarter of the next financial year, two merchant bankers said on Wednesday. The group could raise anywhere between 270 billion rupees to 290 billion rupees ($3.1 billion to $3.35 billion) through a group entity, and the bonds … Read more
Mumbai: Edgy over Shapoorji Pallonji (SP) Group’s plans to roll over pledged Tata Sons shares to refinance over $2 billion debt, Tata Trusts has, for the first time, officially said these are non-transferable. The Trusts, which holds a controlling 66% in group holding company Tata Sons, is worried about possible litigation with lenders over enforcing … Read more
Mumbai: The Shapoorji Pallonji Group (SP Group) is offering ₹400 crore more to the bondholders of group company Goswami Infratech, in exchange for their consent to extend the deadline to meet certain covenants on ₹14,300 crore of borrowings. The company, which has to pay ₹1,400 crore in interest this month, has sought a four-month window … Read more
Bonds issued by Indian companies saw their biggest foreign inflow in five years as the nation’s largest ever low-grade local currency debt sale drew a slew of overseas investors attracted by the high yield on offer. Goswami Infratech Pvt., a Shapoorji Pallonji group company controlled by tycoon Shapoor Mistry, raised 143 billion rupees ($1.7 billion) … Read more
Mumbai: Authum Investments and Infrastructure has filed a special leave petition in the Supreme Court, seeking a go-ahead for its ₹2,887-crore resolution plan to take over Anil Ambani’s (RHFL). Authum’s petition has come even as lenders are seeking a higher amount from the company, citing the higher cash accumulated in RHFL due to the 18-month … Read more
The SP Group is parallely trying to monetise its assets such as Eureka Forbes, Sterling and Wilson Solar, and Afcons Infrastructure to prepay loans worth ₹9,348 crore. Synopsis Lenders to SP Group will have to offer the first right of refusal to Tata Sons under Article 75 of the holding company’s articles of association, if … Read more
By Upmanyu Trivedi Tata Group rejected a truce offer by billionaire Pallonji Mistry’s conglomerate that suggested swapping the Mistry family’s stake for shares worth $24 billion in the listed Tata companies. “It’s nonsense. This kind of relief cannot be granted,” Tata’s lawyer Harish Salve said during a hearing before India’s Supreme Court on Thursday. “I’m … Read more
A spate of multi-billion dollar deals, including big wins in the September quarter, is helping Tata Consultancy Services (TCS) shed pandemic-induced blues earlier than expected, according to chief executive Rajesh Gopinathan. In an interview with Anandi Chandrasekhar and Ayan Pramanik, he termed the revival in demand for technology services as just the beginning of a … Read more
Ashok Leyland could see a 50% upside from current levels going forward and that is the one auto stock I would recommend from a three years’ perspective, says Abhimanyu Sofat, VP-Research, IIFL. What is your observation of the trend in September sales by auto majors?One thing which was clear was that most of the auto … Read more