SP Group Unit Plans Massive Bond Sale by January End
Goswami Infratech, a unit of Shapoorji Pallonji Group (SP Group), is gearing up to complete a ₹25,000 crore bond issue by the end of January. The funds will be used to refinance existing high-yield debts and for other corporate purposes.
Goswami InfratechShapoorji Pallonji GroupBond IssueReal EstateCorporate FinanceReal Estate PuneNov 06, 2025
The funds will be used to refinance its outstanding ₹8,815 crore in high-yield notes maturing in April 2026 and another loan, as well as for other debt-related and corporate purposes. Goswami Infratech and Deutsche Bank did not respond to requests for comment on the matter.
The new issue will be secured by the Shapoorji Pallonji Group's 9.2 per cent stake in Tata Sons, held via its subsidiary Cyrus Investments. Deutsche Bank, which arranged Goswami Infratech's previous ₹14,300 crore 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 per cent, according to Care Ratings, which maintains a BB- rating on the papers. The book-building process is expected to be completed by mid-January, with the issuance set to close by the end of the month.
SP Group's senior management is currently 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 is reaching out to newer investors to diversify the sources of funding and is confident that the coupon for the current issue will be lower than the previous sale.
This move underscores the company's strategic approach to manage its debt and continue its growth trajectory in the real estate and civil engineering sectors. The successful completion of this bond issue will not only strengthen the company's financial position but also enhance its reputation in the market.
Frequently Asked Questions
What is the purpose of the bond issue by Goswami Infratech?
The purpose of the bond issue is to refinance existing high-yield debts and for other debt-related and corporate purposes.
How much funding is Goswami Infratech planning to raise through this bond issue?
Goswami Infratech is planning to raise around ₹25,000 crore ($2.84 billion) through this bond issue.
What will secure the new bond issue?
The new bond issue will be secured by the Shapoorji Pallonji Group's 9.2 per cent stake in Tata Sons, held via its subsidiary Cyrus Investments.
Which bank is expected to lead this bond issuance?
Deutsche Bank, which arranged Goswami Infratech's previous bond deal in June 2023, is expected to lead this issuance as well.
What is the expected timeline for the completion of the bond issue?
The book-building process is expected to be completed by mid-January, with the issuance set to close by the end of the month.
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