Shapoorji Pallonji Group, an infrastructure-focused conglomerate led by billionaire Shapoor Mistry, is in discussions with global investors including Cerberus Capital Management, Farallon Capital Management, and Ares Management Corp. for a proposed bond issuance of ₹143 billion ($1.5 billion). The group is offering an 18.75% yield on zero-coupon bonds issued by its unit, Goswami Infratech Pvt. This fundraising effort is aimed at refinancing existing debt, which creditors have agreed to extend until June. The deal is being closely monitored as a barometer of investor appetite for high-yield debt, especially given the group's 18.4% stake in Tata Sons, which is partially backing the borrowing. A successful bond issuance would alleviate immediate liquidity concerns for the group and demonstrate investor confidence in its ability to leverage its stake amid uncertainties regarding a potential Tata Sons listing. The transaction has faced delays from its initial mid-May target as investors seek clarity on the listing. Notable potential investments include $300 million from Farallon and $150 million from Cerberus, with Deutsche Bank expected to commit around $400 million.