Shapoorji Pallonji Group is trying to launch an IPO. The group has sought exemption from its lenders for this. SP Group has asked the lenders to remove some of their conditions keeping the IPO in mind. According to the report of Money Control, this notice was issued by the company on October 5. Let us tell you, SP Group is trying to bring IPO of Afcons Infrastructure Limited.
What is the matter?
In June 2023, SP Group company Goswami Infratech Private Limited had raised Rs 14,300 crore. The company had raised this money through Non-Convertible Debentures (NCDs). The company raised this money from Cerberus Capital, Varde Partners, Canyon Capital, Davidson Kempner along with existing lenders such as Dutch Bank, Edelweiss Special Opportunities Fund and Ares SSG. The group has sought exemption from NCD holders of Goswami Infratech Private Limited (GIPL).
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Let us tell you, the sale of GIPL shares is also included in the IPO and pre-IPO of Afcons Infrastructure Limited. For this, SP Group needs consent from the lenders. Earlier on October 1, it was reported that Afcons will now try to raise Rs 4000 crore from Pre-IPO and Rs 4500 crore from IPO. Whereas earlier the company planned to raise Rs 7000 crore.
What kind of discount is SP Group asking for?
In the notice sent on October 5, SP Group has demanded removal of the pledge placed on the shares sold during pre-IPO and IPO. Apart from this, the group has demanded some other relaxations.
Afcons IPO
Apart from the sale of GIPL shares in this IPO, the company is also focused on raising funds of Rs 1250. The company will use the IPO money to repay debt of Rs 500 crore. While the other Rs 150 crore is for Cpex and Rs 300 crore is for funding capital.
