Shapoorji and Pallonji Group is in talks with global investors including BlackRock and JPMorgan Chase & Co for a high-yield bond sale, according to people familiar with the matter, even after it was allowed to delay repayment on existing debt.
India’s largest private credit borrower is offering yields of at least 14 per cent to raise as much as $1 billion, the people said, asking not to be identified because the discussions are private. Terms are still under negotiation and could change.
A few more global asset managers are in talks to participate in the offering of three-year dollar bonds, the people said. Some investors may also use leverage facilities from lenders including Standard Chartered Plc, two of the people said.
Unusual deal
The fundraising is part of a broader effort to refinance a borrowing by a group entity — Goswami Infratech Pvt — that creditors recently agreed to extend to June 30. The backdrop makes the deal unusual. It is not common for companies that have just pushed back debt obligations to return to the market with a new bond sale. The proposed deal effectively asks investors to commit capital even as repayment risks persist.
Still, the investor interest reflects a risk-reward balance. Double-digit returns are hard to find in global credit markets, and some funds are willing to look past near-term stress in the belief that the infrastructure conglomerate will be able to unlock value from its 18.4 per cent stake in Tata Sons, the holding firm of India’s Tata Group — and stabilise its finances.
Delays in unlocking value from that holding, alongside broader market volatility, have complicated refinancing efforts for the group.
A Shapoorji spokesperson didn’t reply to Bloomberg’s email seeking comment. Spokespersons for JPMorgan and Standard Chartered declined to comment, while BlackRock didn’t immediately respond to a request for comment.
The proposed bond yield sits at the higher end of the range for Indian issuers. In 2020, Lodha Developers International Ltd raised $200 million at 14 per cent as it skirted a default, while Vedanta Resources sold $1 billion of three-year bonds at 13.875 per cent later that year.
In addition to the proposed offshore issuance, the SP group is exploring local borrowing to meet remaining refinancing needs, as it works to complete the process before the extended June deadline for Goswami Infratech, the people said.
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Published on April 30, 2026