Shapoorji Pallonji Group has secured $650 million through a three-year bond issuance priced at a 14.5% coupon, according to market sources.
The debt was raised by group entity Mercury Finance Company and is intended to refinance approximately ₹14,300 crore ($1.7 billion) in existing obligations, with a rupee-denominated component expected to follow.
This move follows earlier reports that SP Group was pursuing a revised debt fundraising plan totaling ₹25,500 crore ($3.
The transaction underscores the significant cost of capital facing Indian conglomerates with complex debt structures.
The 14.5% yield reflects the risk premium investors demand for SP Group's credit profile, which has been under scrutiny as the conglomerate works to stabilize its balance sheet.
This issuance is part of a larger fundraising effort aimed at addressing liquidity pressures and restructuring the group's liabilities.
This move follows earlier reports that SP Group was pursuing a revised debt fundraising plan totaling ₹25,500 crore ($3.05 billion).