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A closely held Shapoorji Pallonji group entity, Goswami Infratech (GIPL), has sought a three-month extension from its bondholders , which include the likes of Cerberus, Deutsche Bank, and Davidson Kempner, for payment of coupon on Rs 14,300 crore of high-yield bonds until end of this year, two banking industry sources told ET. Separately, the company has also urged bondholders a relaxation in a covenant deadline to monetise Afcons Infrastructure in an initial public offering ( IPO ) be deferred by a month, to October 31. These stage-gated milestones define the coupon rates to be paid to bondholders.
Any slippage in the deadlines, unless approved by bondholders, would require the borrower to pay at a higher rate than originally contracted. In June 2023, GIPL had raised Rs 14,300 crore through a high-yield bond, with a coupon rate of 18.75%.
The annual interest payment of Rs 1,400 crore, initially due in June, was deferred with the promise of an additional Rs 400 crore in payments by the SP Group. ETMarkets.com Additionally, the terms of the bond required SP Group to monetise Afcons in an IPO, potentially fetching Rs 7,000 crore.
That deadline was September 30, 2024, and bankers said GIPL sought an extension of that listing deadline by a month - until October 31. Stock Trading Market 101: An Insight into Trendlines and Momentum By - Rohit Srivastava, Founder View Program Stock Trading Markets 102: Mastering Sentiment Indicators for Swing and Positional Trading By - Rohit Srivastava, Founder View Program Stock Trading Market 103: Mastering Trends with RMI and Techno-Funda Insights By - Rohit Srivastava, Founder View Program Stock Trading Market 104: Options Trading: Kickstart Your F&O Adventure By - Saketh R, Founder- QuickAlpha, Full Time Options Trader View Program Stock Trading ROC Made Easy: Master Course for ROC Stock Indicator By - Souradeep Dey, Equity and Commodity Trader, Trainer View Program Stock Trading RSI Made Easy: RSI Trading Course By - Souradeep Dey, Equity and Commodity Trader, Trainer View Program Stock Trading Technical Analysis for Everyone - Technical Analysis Course By - Abhijit Paul, Technical Research Head, Fund Manager- ICICI Securities View Program Stock Trading Introduction to Technical Analysis & Candlestick Theory By - Dinesh Nagpal, Full Time Trader, Ichimoku & Trading Psychology Expert View Program Stock Trading Options Trading Course For Beginners By - Chetan Panchamia, Options Trader View Program Stock Trading Options Scalping Made Easy By - Sivakumar Jayachandran, Ace Scalper View Program Stock Trading Futures Trading Made Easy: Future & Options Trading Course By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant View Program Stock Trading Stock Markets Made Easy By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Renko Chart Patterns Made Easy By - Kaushik Akiwatkar, Derivative Trader and Investor View Program Stock Trading Options Trading Made Easy: Options Trading Course By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant View Program Stock Trading Stock Investing Made Easy: Beginner's Stock Market Investment Course By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Macroeconomics Made Easy: Online Certification Course By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant View Program Stock Trading Stock Valuation Made Easy By - Rounak Gouti, Investment commentary writer View Program Stock Trading Candlesticks Made Easy: Candlestick Pattern Course By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Technical Analysis Made Easy: Online Certification Course By - Souradeep Dey, Equity and Commodity Trader, Trainer View Program Stock Trading Technical Trading Made Easy: Online Certification Course By - Souradeep Dey, Equity and Commodity Trader, Trainer View Program Stock Trading Commodity Markets Made Easy: Commodity Trading Course By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Derivative Analytics Made Easy By - Vivek Bajaj, Co Founder- Stockedge and Elearnmarkets View Program Stock Trading A2Z of Stock Market for Beginners: Stock Market Course For Beginners By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Dow Theory Made Easy By - Vishal Mehta, Independent Systematic Trader View Program Stock Trading Cryptocurrency Made Easy: Cryptocurrency Course By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading A2Z of Stock Trading - Online Stock Trading Course By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Algo Trading Made Easy By - Vivek Gadodia, Partner at Dravyaniti Consulting and RBT Algo Systems View Program A company source separately told ET that although Afcons has received the regulatory approval for its Draft Red Herring Prospectus (DRHP), the start of the Shradh fortnight (considered inauspicious) has delayed the IPO process. Besides Afcons' monetisation, the bond terms also require GIPL to divest the Gopalpur Port on the Odisha coast.
The group expects Rs 850 crore from the sale of the port for the coupon payment. Failure to meet the deadline on these would cause a step-up in the coupon rates beyond 20%. If Rs 1,500 crore in principal or interest payments is not made by September 30, 2024, the coupon rate will increase by 2%.
A Shapoorji Pallonji spokesperson did not immediately respond to requests for comment. These non-convertible debentures (NCD) are supported by a credit support undertaking from Cyrus Investments Pvt. Ltd.
, which holds 9% of Tata Sons Pvt. Ltd. (TSPL), with an additional 9% owned and pledged by SICPL.
Shradh fortnight causing delay to the IPO process, says company source (You can now subscribe to our ETMarkets WhatsApp channel ).
