SP Group seeks more time to repay bonds nearing maturity (opens original article in a new tab)

Shapoorji Pallonji Group has scaled back its refinancing plan and is seeking an extension to repay maturing bonds due to delays in debt raising.

• SP Group reduced its ₹28,500 crore refinancing by ₹3,500 crore and seeks a two-month extension on ₹14,300 crore of maturing bonds.
• Delays in debt raising, due to rising hedging costs, forced the group to negotiate with creditors for more time.
• The refinancing, arranged by Deutsche Bank, is now expected to close later this summer, with the first tranche likely to close in June or July.