Shapoorji Pallonji asks for more time to repay bondholders

13 May 2024 , 12:43 PM

In a letter obtained by Reuters on Monday,  Shapoorji Pallonji Group has requested the bondholders of Goswami Infratech, a group company, to give it some more time for bond payments.

When servicing the debt of another group firm, Sterling Investment Corp., the corporation is obligated to pay bondholders of Goswami Infratech around 14 billion rupees ($167.62 million).

Although May 26 was the deadline, the firm has requested an extension until September 30.

Goswami Infratech informed Axis Trustee Services in a letter that a “trigger event is expected to occur on May 26, 2024” and that Sterling Investment Corp was unable to raise any additional financing.

Large private credit funds were among the investors in Goswami Infratech’s two-year and 10-month bonds, which generated 143 billion rupees at an 18.75% yield as of June 2023.

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