SP Group to raise ₹22,000 crore to refinance debt

THE Shapoorji Pallonji (SP) Group, sitting on a debt pile of close to ₹60,000 crore, is on course to raise ₹29,000 crore to refinance its costly forex debt maturing by late May.

- BENN KOCHUVEEDAN@Mumbai

As much as 75% or around ₹22,000 crore of this will be raised in the rupee, making it the largest private credit mop-up in the country and over a dozen investors are readying their term-sheets.

Late last year, the SP Group was on the verge of signing an agreement with the state-run Power Finance Corporation to raise ₹20,000 crore. But the deal fell apart at the last leg of the negotiations which sources attributed to the lender's apprehension about the high leverage of the group.