The group is tapping investors in both onshore and offshore markets as part of the exercise, tying up with domestic institutions, foreign banks as well as foreign funds to replace existing debt in Goswami Infratech. The deal is expected to close by April 10, sources said.
An SP group spokesperson said that the SP group is looking at options to refinance the debt issued by Goswami Infratech Pvt Ltd and is considering raising fresh funds in this regard. It intends to engage with several investors/market participants to raise these funds.
The proposed funds will be used to fully exit the debt of Goswami Infratech, which was originally raised as part of SP Group’s comprehensive capital restructuring plan. The outstanding debt in June 2023 is around Rs. 14,300 crore, while Rs. 27,000 crore large program will refinance debt and cover other end uses of the group.
The current exercise is expected to diversify the investor base and lower prices by tapping new liquidity pools – domestic investors, foreign banks and the international bond market.
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