Business News

India's Shapoorji Pallonji Group is likely to raise around $3.3 billion through sale of bonds in the first quarter of the next financial year, two merchant bankers said on Wednesday. The group could raise anywhere between 270 billion rupees to 290 billion rupees ($3.1 billion to $3.35 billion) through a group entity, and the bonds are expected to be subscribed by private credit funds, the bankers said. The funds would be raised through a three-year or four-year debt issuance, the bankers said, adding that other details like the final quantum and coupon levels are under discussion. Deutsche Bank is the sole arranger for the deal and the proceeds will primarily be used to refinance existing debt, the bankers said. Shapoorji Pallonji Group and Deutsche Bank did not immediately reply to a Reuters email seeking comment. ($1 = 86.3100 Indian rupees)