India's Shapoorji Pallonji Group (SP Group) has returned to investors with a revised debt fundraising plan aimed at refinancing its obligations.
The conglomerate is looking to raise 255 billion Indian rupees (approximately $3.05 billion) through the sale of three-year zero-coupon bonds, according to a term sheet reviewed by Reuters.
37% equity stake in Tata Sons as collateral for the high-yield fundraising.
The issuance marks a significant liquidity event for the conglomerate, which is leveraging its 18.37% equity stake in Tata Sons as collateral for the high-yield fundraising.
The move comes as SP Group seeks to manage its debt profile amid ongoing restructuring efforts.
The fresh term sheet follows earlier reports of the group's bond issue, highlighting the scale of the financing required.
By using its substantial holding in Tata Sons as security, SP Group is attempting to secure funding in a competitive debt market.