Shapoorji Pallonji may sell stake in three companies

10 Mar 2021 CW Staff

SP Group plans to raise about Rs 10,332 crore through this asset sale. Additionally, Inter Corporate Deposits (ICDs) given to the SP Group companies are also likely to be realised, primarily from its real estate joint venture, SD Corp, and other entities forming part of Shapoorji Pallonji and Company Private Ltd's real estate portfolio through monetisation of their project assets.

Last year in September, the company had sought relief to restructure its Rs 10,900 crore debt under the resolution framework for Covid-19 pandemic related stress announced by the Reserve Bank of India (RBI). Sources told the media that the SP Group is in talks with the lenders and likely to finalise the resolution package soon.

4th Indian Cement Review Conference 2021

17-18 March

Click for event info

Proceeds from the proposed monetisation of assets will be used for the prepayment of loans.

Proceeds from ICDs aggregating to about Rs 836 crore are also expected to be used for the prepayment of the debt, and any balance amount would be used for company operations.

As a part of the one time restructuring, promoter debt of Rs 2,724 crore as of the end of 2019-20 is also proposed to be converted to perpetual debt.

For prepayment of outstanding debt, expected recoveries from claims so far not recognised by the company in the books of about Rs 700 crore are also proposed to be used.

As part of the resolution plan, no concession in the rate of interest has been proposed. A haircut is also unlikely in the principal repayment.

There will also be no pooling of security, and the security of each lender will continue with it exclusively. An interest moratorium up to 30 September 2021, is also likely. The unpaid interest for the moratorium period up to 31 August 2020, and interest till 30 September 2021, on all fund based facilities may be converted to a funded interest term loan.

Image Source

Also read: Shapoorji Pallonji Infra to sell 317 MWp of operational solar assets to KKR

Also read: Understanding the asset monetisation push

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

The Shapoorji Pallonji (SP) Group is looking to monetise its assets and may sell its stake partly or fully in at least three of its group companies, including Sterling, Eureka Forbes, Afcons Infrastructure, and Wilson Solar, as a part of the one time debt restructuring package being discussed with the lenders. SP Group plans to raise about Rs 10,332 crore through this asset sale. Additionally, Inter Corporate Deposits (ICDs) given to the SP Group companies are also likely to be realised, primarily from its real estate joint venture, SD Corp, and other entities forming part of Shapoorji Pallonji and Company Private Ltd's real estate portfolio through monetisation of their project assets. Last year in September, the company had sought relief to restructure its Rs 10,900 crore debt under the resolution framework for Covid-19 pandemic related stress announced by the Reserve Bank of India (RBI). Sources told the media that the SP Group is in talks with the lenders and likely to finalise the resolution package soon.4th Indian Cement Review Conference 202117-18 March Click for event info Proceeds from the proposed monetisation of assets will be used for the prepayment of loans. Proceeds from ICDs aggregating to about Rs 836 crore are also expected to be used for the prepayment of the debt, and any balance amount would be used for company operations. As a part of the one time restructuring, promoter debt of Rs 2,724 crore as of the end of 2019-20 is also proposed to be converted to perpetual debt. For prepayment of outstanding debt, expected recoveries from claims so far not recognised by the company in the books of about Rs 700 crore are also proposed to be used. As part of the resolution plan, no concession in the rate of interest has been proposed. A haircut is also unlikely in the principal repayment. There will also be no pooling of security, and the security of each lender will continue with it exclusively. An interest moratorium up to 30 September 2021, is also likely. The unpaid interest for the moratorium period up to 31 August 2020, and interest till 30 September 2021, on all fund based facilities may be converted to a funded interest term loan. Image Source Also read: Shapoorji Pallonji Infra to sell 317 MWp of operational solar assets to KKR Also read: Understanding the asset monetisation push

Real Estate

07 Jul 2026

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

Infrastructure Urban

07 Jul 2026

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..

Products

07 Jul 2026

EUROBOND Expands NABL Accreditation to 51 Testing Parameters

EUROBOND, the flagship brand of Euro Panel Products, has expanded the National Accreditation Board for Testing and Calibration Laboratories (NABL) accreditation of its in-house laboratory from 16 to 51 mechanical and chemical testing parameters, making it the only Indian aluminium composite panel (ACP) manufacturer with accreditation covering such an extensive testing scope.The expanded accreditation enables the company to independently test coils, coatings, cores, aluminium composite panels (ACP) and metal composite panels (MCP) in accordance with international standards, including IS, ASTM, ..