India’s Goswami Infratech Pvt Ltd, a subsidiary of the Shapoorji Pallonji Group, has received bids worth INR 143 billion ($1.74 billion) for its debt issuance. This is reportedly the largest debt issue from a low-rated company in India.
Deutsche Bank and Standard Chartered Bank, among other foreign lenders, invested in the paper. Several credit funds including Edelweiss Special Opportunities Fund, Davidson Kempner, Ares Capital Management, Varde Partners, and Cerberus Capital Management are among the investors. The company had solicited bids from merchant bankers and investors throughout the day, offering a yield of 18.75%. The issue has a put option in December 2025 and is rated BBB- by Care Ratings. Goswami Infratech is a joint venture between SC Finance Investments Pvt Ltd and SP Finance Pvt Ltd, backed by the Shapoorji Pallonji Group and aims to sell zero-coupon bonds maturing in two years and ten months.
Foreign Banks and Funds Invest Heavily in Shapoorji Pallonji Entity’s Debt, Say Bankers in India
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