SP Group in Final Lap to Raise $3.3 Billion Debt

Over a dozen investors keen on buying the bonds that may be backed by the group's stake in Tata Sons

- DEE CHATTERJEE

Over a dozen financial firms worldwide are keen to participate in the Shapoorji Pallonji Group's $3.3 billion (around ₹28,600 crore) debt-raising efforts, underscoring investors' appetite for the real estate and construction giant's financial strategy.

The private credit—India's largest—is being raised by Evangelos Ventures Pvt Ltd, a promoter entity. Proceeds of the fundraise would be used to repay loans of the group's real estate and infrastructure companies, said a banker close to the transaction.

The group is targeting to close the transaction as early as next week and list the bonds on the stock exchanges.

The three-and-a-half-year tenure bonds may be backed by the SP Group's stake in Tata Sons, the unlisted holding company of the Tata Group.