Shapoorji Pallonji Group completes long-delayed debt fundraising, sources say

Shapoorji Pallonji Group completed a long-delayed fundraising of 215 billion rupees through three-year zero-coupon rupee bonds yielding 18.95%, aimed at refinancing existing debt. The bonds are secured by the group's 18.4 percent stake in Tata Sons held through Cyrus Investments, and investors have been assured of monetisation of the Tata Sons stake within 18 months. A Mauritius-based SP Group entity, Mercury Finance, was a key investor after raising 650 million dollars through dollar bonds at a 14.50 percent yield, with Deutsche Bank acting as sole arranger.