India’s Shapoorji Pallonji Group starts a planned 255-billion-rupee ($2.7 billion) refinancing program by issuing bonds, according to reports. The refinancing includes a sale of local-currency bonds, which is intended to address investor concerns after months of uncertainty about the group’s ability to roll over debt coming due.
In addition, the group raises $650 million through the issuance of a three-year U.S.-dollar bond. The bond is reportedly priced at a yield of 14.5%, based on information provided by people familiar with the transaction.
Together, the reported bond sales reflect early steps in the group’s broader plan to manage upcoming maturities and secure liquidity. The articles do not provide further details on the full schedule or total instruments in the refinancing beyond the amounts already referenced, but they characterize the initial fundraising as a development that helps ease market anxiety around the group’s near-term debt obligations.
