In a communication to bondholders, Goswami Infratech has assured bondholders of ₹14,300-crore NCDs (non-convertible debentures) that it is not waiving the pricing terms, but requesting an extension of time to comply with restrictions imposed by the capital market. rules
Also, the company has requested flexibility regarding the sale of its remaining Afcons shares after the IPO. It has sought consent to open pre-IPO sale bank accounts to ensure that the proceeds will be used to repay debt once the shares are listed.
The company said the Afcons IPO price band will be decided only when the red herring prospectus (RHP) is filed with the Registrar of Companies (RoC), after which it will inform the bondholders.
Afcons has received approval from capital markets regulator Sebi for an IPO worth ₹8,400 crore. Listing can happen anytime this month.
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In the event that the Afcons IPO is delayed beyond the pre-determined timeframe, Goswami Infratech has committed to return funds to investors and re-pledge on Afcons shares.
Goswami Infratech has received an extension for early redemption payment of its NCDs, extending the deadline from September 30 to December 31, 2024, as the group works to refinance its debt at the promoter level through Sterling Investment Corporation (SICPL).
SP Group is looking to reduce debt through asset sales including Gopalpur Port and Afcons IPO.
These monetization events have faced delays, resulting in a 400 basis-point coupon step-up. The ₹14,300 crore fund, which was raised in June 2023 from global investors including Davidson Kempner and Ares at 18.75%, now stands at 22.75%.
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