SP Group seeks more time to repay bonds nearing maturity

Shapoorji Pallonji (SP) Group has scaled down its refinancing from ₹28,500 crore to ~₹25,000 crore and is seeking an additional two-month extension on ₹14,300 crore of maturing Goswami Infratech bonds beyond the current June 30 deadline. The ₹14,300 crore debt is secured against the group's 18.38% stake in Tata Sons, with bond yields on Goswami and Porteast notes having risen to as high as 21.75% from original levels of 18.75% and 19.75%, respectively. The delay stems from RBI's offshore forex measures that pushed hedging costs above 5%, though conditions have since eased to around 3% for private borrowers.