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RBI gives Shapoorji Pallonji Group till June 2028 to meet capital norms for investment arm

Economic Times

Economic Times · 26d ago

RBI gives Shapoorji Pallonji Group till June 2028 to meet capital norms for investment arm

The Reserve Bank of India has extended the deadline for Shapoorji Pallonji Group to meet capital adequacy norms for its investment company, Sterling Investment Corp., to June 2028. The extension is part of RBI's revised framework for non-bank lenders. This regulatory leniency supports the group's recent $3.4 billion bond issuance. Sterling Investment, holding a 9.18% stake in Tata Sons, must increase its capital adequacy from 7% to 15% within this timeframe.

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Shapoorji gets RBI waiver averting higher yield on private debt

Economic Times

Economic Times · 27d ago

Shapoorji gets RBI waiver averting higher yield on private debt

Shapoorji Pallonji Group received a crucial waiver from the Reserve Bank of India, alleviating pressure on its $3.4 billion private credit deal and preventing increased borrowing costs. The group's non-banking finance unit, Sterling Investment Corp., gained a three-year extension to meet capital adequacy norms. This prevents a potential interest rate hike and possible default on a major deal that pledged a 9.2% Tata Sons stake as collateral. Major global investors participated in the bond placed by Deutsche Bank.

Shapoorji Pallonji unit eyes $300 mn Afcons shares-backed loan to repay HDFC Bank: Sources

Economic Times

Economic Times · 1m ago

Shapoorji Pallonji unit eyes $300 mn Afcons shares-backed loan to repay HDFC Bank: Sources

Shapoorji Pallonji and Co, part of the Shapoorji Pallonji Group, is negotiating with bankers to secure approximately $300 million to refinance existing debt. This refinancing involves a loan backed by shares of Afcons Infrastructure and other real estate assets. The loan aims to address the company's debt with HDFC Bank, consisting of a term loan of around 22.50 billion rupees ($263.14 million) taken in March 2022, with interest rates anticipated at around 15%.

Xander, GIC team up for over $250-mn India real estate deal

VCCircle

VCCircle · 1y ago

Xander, GIC team up for over $250-mn India real estate deal

Singapore-based private equity real estate investor Xander Investment Management (XIM) and India's sovereign wealth fund GIC have partnered to acquire a special economic zone (SEZ) in an Indian IT hub. The deal was made with SPREF II, a joint venture between Shapoorji Pallonji Group and Canadian Pension Plan Investment Board. The acquisition is valued at over $250 million.

Real estate: Deconstructing Shapoorji Pallonji Group’s housing ambitions

Livemint

Livemint · 9m ago

Real estate: Deconstructing Shapoorji Pallonji Group’s housing ambitions

Shapoorji Pallonji Real Estate, a subsidiary of the Shapoorji Pallonji Group, is looking to expand its presence in the Indian real estate market. The company recently formed a new holding company called SPRE to consolidate its real estate assets and is now focusing on residential projects. With a land bank valued at about ₹50,000 crore and a development pipeline of around 140 million sq. ft, the company aims to triple its sales bookings over the next four years and become one of the top developers in the country. SPRE plans to list on the stock exchange within the next 15-30 months.

Grapevine: Mahle, Sequoia Capital, Vance, and Shapoorji Pallonji Group in news

VCCircle

VCCircle · 8m ago

Grapevine: Mahle, Sequoia Capital, Vance, and Shapoorji Pallonji Group in news

Germany's auto parts maker Mahle GmbH is considering an IPO for its Indian unit. Sequoia Capital is reportedly in discussions to invest in a payments startup based in Bengaluru. The Shapoorji Pallonji Group is expected to initiate a significant fundraising campaign this week.

Grapevine: Tata Group, Servify, PAG, and Vivriti Asset Management in news

VCCircle

VCCircle · 7m ago

Grapevine: Tata Group, Servify, PAG, and Vivriti Asset Management in news

Tata Sons is exploring strategic options due to pressure from the Shapoorji Pallonji Group. Meanwhile, Servify is in preliminary talks to raise $100 million before its planned IPO. In other developments, private equity firm PAG is seeking to secure capital to bolster its investment activities, and Vivriti Asset Management is actively engaging with investors for potential collaborations. These movements highlight significant financial and strategic maneuvers in the corporate landscape.

Grapevine: Haier Appliances, Weaver Services, and Shapoorji Pallonji Group in news

VCCircle

VCCircle · 8m ago

Grapevine: Haier Appliances, Weaver Services, and Shapoorji Pallonji Group in news

Family offices and private equity firms are showing interest in acquiring a majority stake in Haier Appliances India. At the same time, Weaver Services is in discussions to secure funds, while the Shapoorji Pallonji Group is considering a public listing for its real estate division. These developments have recently made headlines in various media outlets.

PFC independent directors raise concerns over ₹20,000-cr loan plan for SP Group

Livemint

Livemint · 1y ago

PFC independent directors raise concerns over ₹20,000-cr loan plan for SP Group

Independent directors of Power Finance Corporation (PFC) have expressed concerns about a proposal to extend a ₹20,000-crore loan to the Shapoorji Pallonji Group (SP), according to anonymous sources. The directors questioned the rationale behind granting the loan to SP Group's main investment vehicle, Sterling Investment Corp, against their shares in Tata Sons. Concerns were also raised about PFC's ability to underwrite a loan to a conglomerate with exposure to real estate construction and infrastructure. The loan is important for SP Group, which is facing financial strain due to mounting debt and high interest rates on existing loans.

Shapoorji Pallonji Group to refinance debt; OrbiMed bets on LifeWell

VCCircle

VCCircle · 1y ago

Shapoorji Pallonji Group to refinance debt; OrbiMed bets on LifeWell

Shapoorji Pallonji Group is in talks with Power Finance Corporation to secure $1.2 billion to refinance a portion of its debt set to mature in May. The company had previously pledged its stake in Tata Sons as collateral for the original loan. In another news, OrbiMed has invested an undisclosed amount in LifeWell, a healthcare services company.

Shapoorji Pallonji Group draws interest for debt sale from Ares, Farallon, others

VCCircle

VCCircle · 5m ago

Shapoorji Pallonji Group draws interest for debt sale from Ares, Farallon, others

Shapoorji Pallonji Group has attracted over $4 billion in investor commitments for its upcoming debt sale, surpassing its funding target. The group aims to raise $3.2-$3.3 billion through a bond issue, with private credit funds expected to play a significant role. The bond, with a maturity of four years and an 18-20% coupon rate, is secured by Tata Sons shares. Deutsche Bank is arranging the deal, primarily to refinance existing debt.

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