BlackRock, the world’s largest money manager, is reportedly set to invest in a dollar bond being issued by a unit of India’s Shapoorji Pallonji Group this month. Two people familiar with the transaction said the investment is part of a specific bond deal, underscoring growing foreign interest in Indian dollar debt.
Shapoorji Pallonji Group (SP Group) is in talks with bondholders to defer a Rs 14,300-crore bond payment by two months. The company says foreign exchange swings and newly tightened hedging regulations are disrupting its funding and repayment timeline. SP Group is exploring alternate financing options while negotiating an extension, aiming to reach an agreement soon.
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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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