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Shapoorji Pallonji Group is seeking consent from non-convertible debenture holders to waive certain restrictive covenants to facilitate loan refinancing against Tata Sons shares held by Sterling Investment Corp. This request follows significant repayments of Rs 14,300 crore by Goswami Infratech through the IPO of Afcons Infrastructure and the sale of a stake in Gopalpur Port to the Adani group. The group aims to ease constraints that have hindered discussions with lenders regarding existing indebtedness.
Shapoorji Pallonji Group has secured an agreement with global private credit lenders to defer part of a 143 billion rupee ($1.7 billion) bond repayment by its unit. The 18 billion rupee payment due on September 30 will now be postponed to December 2025. The firm has already repaid 75 billion rupees in the past two months through asset and share sales.
India’s Power Finance Corporation Ltd has declined to extend a $2.4 billion loan to Shapoorji Pallonji Group, jeopardizing the conglomerate's plans to refinance approximately 200 billion rupees in debt. Chairman Parminder Chopra stated that the decision followed due diligence, revealing that this sector was unfamiliar for the government-backed lender.
Afcons Infrastructure's IPO has seen a mixed response, with a total subscription of 2.63 times, but the retail portion only reaching 94%. Analysts predict a negative listing due to the current negative GMP, suggesting it may be a buying opportunity for long-term investors. The company plans to allocate Rs 80 crore from the fresh issue proceeds for purchasing construction equipment.
Afcons Infra's IPO allotment is set for October 30, following a successful Rs 5,430-crore share sale that was 2.63 times subscribed. All retail bidders are likely to receive shares, as the retail portion saw a subscription of 94 percent, with Rs 80 crore earmarked for new construction equipment. The price band for the shares was fixed at Rs 440-463 each, and the company raised Rs 1,621 crore from anchor investors.
Afcons Infrastructure Ltd., part of the Shapoorji Pallonji Group, has a diverse portfolio in infrastructure and construction, with 30% of its revenue from international projects. With a robust order book of ₹31,747cr and a healthy financial performance, the company is well-positioned for growth in the rapidly expanding Indian construction market. AIL is rated as a "Subscribe" for medium- to long-term investment due to its strong execution capabilities and geographical diversification.
Shapoorji Pallonji Group
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