Copyright indiatimes
ReutersGoswami Infratech, part of Shapoorji Pallonji Group, plans a significant bond issue by January's end. India's Goswami Infratech, a unit of Shapoorji Pallonji Group (SP Group), will complete a bond issue to refinance existing borrowings before the end of January, three bankers aware of the matter said on Thursday. The real estate and civil engineering company is preparing to raise around 250 billion rupees ($2.84 billion) through a two-year zero-coupon bond issue, the bankers, who could not be named because they are not authorised to speak to media, said. The funds will be used to refinance its outstanding 88.15 billion rupees in high-yield notes maturing in April 2026 and another loan, as well as for other debt-related and corporate purposes.Bonds Corner Powered By India bonds end higher on whispers of RBI supportIndian government bonds saw a significant rise on Thursday, fueled by substantial buying over the past two days, widely believed to be from the central bank. This surge has boosted market sentiment and increased expectations for imminent open market bond purchases by the Reserve Bank of India, aiming to ease pressure on the bond market.SP Group unit eyes January-end completion for 2-year mega bond sale: BankersBalance is everything: LGT Wealth’s Chirag Doshi recommends barbell strategy for fixed income investorsIndia bonds poised to rally on signs of RBI support in marketIndia bond traders urge RBI to buy debt, ease auction rules, sources say Browse all Bonds News with Goswami Infratech and Deutsche Bank did not respond to Reuters requests for comment. The new issue will be secured by the Shapoorji Pallonji Group's 9.2% stake in Tata Sons, held via its subsidiary Cyrus Investments. Live Events Deutsche Bank, which arranged Goswami Infratech's previous 143 billion rupee bond deal in June 2023, is expected to lead this issuance as well. The company has already repaid more than a third of the earlier bond, which carried a coupon of 18.5%, according to Care Ratings, which maintains a BB- rating on the papers. "The book-building process is expected to witness completion by middle of January, with the issuance set to close by end of January," one of the bankers said. SP Group's senior management is on a non-deal roadshow this week to brief investors on recent business developments and gauge appetite for what could be India's largest-ever corporate bond issue. The group has been reaching out to newer investors in order to diversify the sources of funding, and is confident that the coupon for the current issue would be lower than the previous sale. ($1 = 88.5950 Indian rupees)Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) Read More News onbond saleShapoorji Pallonji GroupGoswami Infratechcorporate bond issueDeutsche BankIndian finance newsrefinance borrowingsTata Sons (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price...moreless (You can now subscribe to our ETMarkets WhatsApp channel)Read More News onbond saleShapoorji Pallonji GroupGoswami Infratechcorporate bond issueDeutsche BankIndian finance newsrefinance borrowingsTata Sons(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price...moreless Prime ExclusivesInvestment IdeasStock Report PlusePaperWealth Edition123View all Stories
