Goswami Infratech to complete dual-tranche debt refinancing by mid-June 2026
Goswami Infratech Ahead of Schedule on $2.5 Billion Refinancing
Goswami Infratech, a Shapoorji Pallonji Group unit, is set to complete its large fundraising plan by mid-June, ahead of a month-end deadline to refinance nearly $2.5 billion in debt, according to sources familiar with the matter reported on June 1, 2026.
Dual-Tranche Structure Gains Investor Backing
Goswami Infratech has secured commitments from at least five foreign and domestic investors to subscribe to a planned rupee-bond issue, while the group had fully secured commitments from investors for its dollar tranche, according to earlier reporting.
The company will raise around 143 billion rupees ($1.51 billion) through a three-year zero-coupon rupee bond issue, arranged by Deutsche Bank. The firm is most likely to pay a yield of 18.95%, with investors mostly consisting of existing ones rolling over their investments.
Goswami Infratech's dollar bonds would mature in three years, with a quantum of $950 million and put/call option at the end of the first year, with initial yield expected at 14.00%-14.50%.
Global Investor Interest Amid Challenging Market Conditions
Some of the major investors in the rupee bonds include Cerberus Capital Management, Farallon Capital Management, Ares Management Corp, Davidson Kempner and EAAA India Alternatives. BlackRock, the world's largest money manager, PIMCO, another large global asset manager, and Europe-based LGT Bank had shown interest in investing in dollar bonds.
Context: Market Headwinds and Extended Timeline
The real estate and civil engineering company has been trying to raise funds to refinance existing debt at a time when its parent group has been struggling with high debt, unable to monetise its large stake in the unlisted Tata Sons, the Tata Group's holding company.
The firm had been forced to seek a two-month extension on repayment of high-yield debt from its original April 30 maturity, as rising rupee hedging costs delayed its refinancing plans. Goswami Infratech, the group's real estate and civil engineering arm, had debt of about Rs 14,300 crore as of June 2023.
Shapoorji Pallonji Group's Broader Footprint
Shapoorji Pallonji is a trusted real estate name known for building modern and premium homes across Pune and Mumbai. Shapoorji Pallonji Group is one of India's oldest and most respected group, founded in 1865. It began with civil construction work in Mumbai and gradually expanded into sectors like infrastructure, real estate, energy, water, and financial services. Today, the group operates through more than a dozen companies and divisions, employing tens of thousands of people across India and abroad.
Over the years, Shapoorji Pallonji Group has delivered many landmark projects in prime locations across India. In Mumbai, the company built The Imperial towers, and in Powai, it developed the Vicinia project. The real estate arm also has ongoing residential projects in Pune, Bengaluru, Kolkata, Thane, and other cities.