SP Group plans to repay Goswami Infra debt by listing Afcons
Goswami Infratech, a Shapoorji Pallonji Group company, has proposed to repay ₹7,000 crore or half the debt raised through non-convertible debentures (NCDs) last year, even as it stares at a sharp jump in coupon payments by the end of this month if it doesn't complete the sale of its Gopalpur port.
As part of its debt repayment strategy, Goswami Infratech has floated a plan to repay debenture holders with ₹7,000 crore, leveraging the monetisation of Afcons Infrastructure, according to a consent note sent to existing holders of 18.75% bond maturing in June 2026.
Afcons Infrastructure is exploring options for capital infusion through an upcoming initial public offering (IPO), which may involve issuing new equity shares and divesting existing shares owned by Goswami Infratech. The company proposes to issue new equity shares and divest existing shares, potentially providing financial relief for Goswami Infratech, which previously raised ₹14,300 crore through high-cost NCDs offering an 18.75% yield in June 2023.
In preparation for its IPO, Afcons Infrastructure has initiated discussions with debenture holders through Axis Trustee to get necessary approvals for various requirements, including amendments to share capital, memorandum and articles of association, and termination of existing agreements. It intends to release a pledge over Afcons Infrastructure equity shares held by Goswami Infratech, constituting 20% of Afcons Infrastructure's post-IPO paid-up capital on a fully diluted basis. The company, promoted by the
