Goswami Infratech Private Ltd (GIPL), a Shapoorji Pallonji group firm, has reportedly sought a three-month extension from its bond holders for coupon payments.

The company is seeking time till December 31 to make the coupon payment of ₹1,800 crore. In June last year, the company had mobilised ₹14,300 crore through bonds at a coupon rate of 18.75 per cent.

While its annual interest payment of ₹1,400 crore was due in June, it was deferred to September 30, with the group reportedly agreeing to pay an additional ₹400 crore.

There has been a slight delay in the initial public offering (IPO) of the group’s flagship infrastructure engineering and construction company Afcons Infrastructure.

The company had earlier filed draft papers with markets regulator Sebi to raise ₹7,000 crore. Its IPO will be a combination of a fresh issue of shares worth ₹1,250 crore and an offer for sale of up to ₹5,750 crore by promoter GIPL. Recently, the IPO received the green light from Sebi.

Afcons operates across five major infrastructure business verticals — marine and industrial, surface transport, urban infrastructure, hydro and underground, oil and gas.

In the last 10 financial years, the company has completed 76 projects across 15 countries with a total contract value of ₹52,220 crore.

Proceeds from the fresh issue to the extent of ₹150 crore will be used for capital expenditure on construction equipment; ₹350 crore for long-term working capital requirements; ₹500 crore for prepayment or scheduled repayment of a portion of borrowings and acceptances availed by the company; and general corporate purposes.