The Shapoorji Pallonji group is reportedly set to receive investments of over ₹2,100 crore from a consortium of global investors led by Deutsche Bank.
Most of them are existing investors in the group’s investment company Goswami Infratech, a PTI report said.
The development comes at a time the group’s flagship Afcons Infrastructure Ltd has received the green signal from Sebi for an IPO.
The ₹7,000-crore proposed sale of shares is a combination of a fresh issue of shares worth ₹1,250 crore and an offer for sale (OFS) of up to ₹5,750 crore by Goswami Infratech Pvt Ltd.
Proceeds from the fresh issue up to ₹150 crore will be used for capital expenditure towards the purchase of construction equipment, while ₹350 crore will be used for funding long-term working capital requirements, ₹500 crore for the prepayment or scheduled repayment of a portion of certain outstanding borrowings and acceptances availed of by the company.
The PTI report added that a few global investors in Goswami Infratech have agreed in principle to increase their investments in the SP Group company. The consortium will be investing over ₹2,100 crore in the first phase in the group in debentures.
Separately, the group has also sought an extension of payments on non-convertible debentures of up to ₹2,100 crore, which are due in September, till December this year.
