India's SP Group plans new $253.5 mln bond sale, seeks more time to repay some dues
By Bhakti Tambe
MUMBAI, Sept 27 (Reuters) -Goswami Infratech, a unit of Indian conglomerate Shapoorji Pallonji Group, is looking to raise nearly $253.5 million via a private placement of bonds to make upcoming interest payments, for which it is also seeking more time, two bankers aware of the development said on Friday.
The company is in talks with Deutshe Bank for this new 21.2 billion rupees debt raise and the final amount could be higher, at around 24 billion rupees, the bankers said on condition of anonymity as they are not authorised to speak to the media.
The terms of the new issue are "substantially the same" as but not better than the terms for its existing 143 billion rupees in notes and will be backed by the same security, SP Group said in a Sept. 18-dated letter to Axis Trustee Services that was seen by Reuters.
However, the new debt raise is contingent on SP Group selling its stakes in Gopalpur Ports for around 8.5 billion rupees and raising up to 70 billion rupees from Afcons Infrastructure's IPO, likely in October, the letter said.
But both liquidity events have taken longer than planned.
As such, Goswami Infratech has sought a three-month extension to the Sept. 30 deadline for 18 billion rupees in interest payments on the 143 billion rupees debt, according to a separate SP Group letter to Axis Trustees that was seen by Reuters.
It is also trying to get a new lender to repay Sterling Investment, another SP Group unit, and since that is also taking longer than expected, it has sought more time, the letter said.
In June last year, Goswami Infratech, raised 143 billion rupees via bonds maturing in April 2026, in what was the country's biggest low-rated bond sale, at a yield of 18.75%. The bonds are backed by a 9.185% stake in Tata Sons as collateral.
It was supposed to repay 14 billion rupees on May 26 but agreed to pay 18 billion rupees after seeking an extension until Sept. 30, which now they are looking to extend to Dec. 31.
SP Group, Axis Trustee and Deutsche Bank did not immediately respond to Reuters' request for comments.
($1 = 83.6560 Indian rupees)
Reporting by Bhakti Tambe; Editing by Savio D'Souza
Aloqador aktivlar
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.
