SEBI has proposed changes to India’s municipal bond framework, allowing local bodies to explicitly issue bonds to refinance existing debt. The draft also demands detailed disclosures on lenders, repayment schedules, interest costs and any prior restructurings. In addition, it suggests capping working-capital use at 25% and restricting proceeds from general-purpose spending.
Shapoorji Pallonji Group is preparing to raise about Rs 25,400 crore by May 15, aiming to refinance existing debt. The group is also seeking temporary approval to adjust a loan-to-value covenant on its bonds. Market watchers will be tracking developments around Tata Sons’ stake and possible listing, which could influence investor sentiment.
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