SP Group launches Rs 27,000 crore fundraise to refinance Goswami Infratech debt

The Shapoorji Pallonji (SP) Group has launched a Rs 27000 crore fundraise to refinance the entire debt of Goswami Infratech, which stood at about Rs 14,300 crore as of June 2023, according to people familiar with the matter.

The group is tapping investors across both onshore and offshore markets as part of the exercise, engaging with domestic institutions, foreign banks as well as overseas funds to replace the existing borrowing at Goswami Infratech. The transaction is expected to close by April 10, sources said.

A SP group spokesperson said that SP Group is looking at options for refinancing the debt issued by Goswami Infratech Pvt Ltd and is looking to do a fresh fund raise in this regard. It intends to engage with several market investors / participants for this fund raise.

The proposed fundraise will be used to fully take out the Goswami Infratech debt, originally raised as part of SP Group’s broader capital restructuring plan. While the outstanding debt was around Rs 14,300 crore in June 2023, the larger Rs 27,000 crore programme will refinance the debt and cover other group end uses.

The current exercise is expected to diversify the investor base and bring down pricing by tapping new liquidity pools – domestic investors, foreign banks and international bond markets