India’s Shapoorji Group seeks extra time to clear bondholder funds

Indian realty agency, Shapoorji Pallonji Group has sought extra time, to satisfy some fee obligations from bondholders of group firm Goswami Infratech, based on a letter seen by Reuters on Monday.

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The corporate is required to pay round 14 billion rupees ($167.62 million) to bondholders of Goswami Infratech when it providers the debt of one other group firm, Sterling Funding Corp.

This was set to be completed by Might 26, however the firm has sought an extension until Sept. 30.

Within the letter, Goswami Infratech wrote to Axis Trustee Companies that Sterling Funding Corp. was unable to lift any new debt and a “set off occasion is predicted to happen on Might 26, 2024”.

In June, 2023, Goswami Infratech had raised 143 billion rupees by way of two-year and 10-month bonds at 18.75 per cent yield and buyers included massive personal credit score funds.

The Shapoorji group didn’t reply to a Reuters’ e mail searching for remark. ($1 = 83.5230 Indian rupees) (Reporting by Bhakti Tambe and Dharamraj Dhutia; Modifying by Sohini Goswami)