Shapoorji Pallonji Group has sought more time to meet some payment obligations from bondholders of group company Goswami Infratech, according to a letter.
The company is required to pay around 14 billion rupees ($167.62 million) to bondholders of Goswami Infratech when it services the debt of another group company Sterling Investment Corp.
This was set to be done by May 26, but the company has sought an extension till Sept. 30.
In the letter, Goswami Infratech wrote to Axis Trustee Services that Sterling Investment Corp was unable to raise any new debt and a “trigger event is expected to occur on May 26, 2024”.In June 2023, Goswami Infratech had raised 143 billion rupees through two-year and 10-month bonds at 18.75% yield, and investors included large private credit funds.