BlackRock Plans Significant Investment in Shapoorji Pallonji's Dollar Bond Offering
BlackRock likely to invest in Shapoorji Pallonji unit dollar debt
Business Standard
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BlackRock, the world's largest asset manager, is poised to invest between $100 million and $200 million in a dollar bond issued by Goswami Infratech, a unit of India's Shapoorji Pallonji Group. The bond issue aims to raise approximately $3 billion, with a portion earmarked for refinancing existing high-yield debt.
- 01BlackRock is considering an investment of $100 million to $200 million in Goswami Infratech's dollar bond.
- 02The bond issue aims to raise around $3 billion, with $750 million to $950 million coming from dollar bonds.
- 03Goswami Infratech's fundraising efforts have faced delays due to increased rupee hedging costs.
- 04CareEdge Ratings downgraded Goswami Infratech's bonds from BB- to B+ due to fundraising delays.
- 05Other large funds are also interested in participating in the bond issuance.
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BlackRock, the largest asset manager globally, is expected to invest between $100 million and $200 million in a dollar bond issued by Goswami Infratech, a subsidiary of India's Shapoorji Pallonji Group. The bond issue is part of a larger plan to raise approximately $3 billion, with $750 million to $950 million allocated to the dollar bond. Deutsche Bank is managing the arrangement for this private placement. Goswami Infratech has faced delays in its fundraising efforts, primarily due to rising costs associated with rupee hedging, prompting the company to seek an extension on the repayment of high-yield debt originally due on April 30. In June 2023, the company successfully raised ₹14,300 crore (around $1.51 billion) through a bond issue that attracted significant foreign investment. Following these developments, CareEdge Ratings downgraded the company's bonds from BB- to B+, citing ongoing challenges in group-level fundraising.
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The investment from BlackRock could enhance confidence among other investors in Goswami Infratech's bond issuance, potentially leading to increased participation and support for the company's financing needs.
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