CARE

Goswami Infratech Pvt has sweetened an offer to bondholders as it seeks more time for a payment due in May, according to a letter from the company to the bond’s trustee.  
The New Delhi-based company is ready to pay 18 billion rupees ($216 million), 4 billion rupees more than the scheduled payment, according to the letter dated Saturday seen by Bloomberg. The delayed payment would be made no later than September 30. Some holders of the 143 billion rupee ($1.7 billion) note issued by Goswami Infratech last year planned to ask for sweeteners such as a higher payment in exchange for potentially accepting a company proposal to delay a payment,

Goswami Infratech sweetens offer to bondholders, in return for more time

Financing plans of Shapoorji Pallonji group have received a setback with Care Ratings cutting the credit rating of group company Goswami Infratech Pvt. Ltd's (GIPL) non-convertible debentures (NCDs). Rating on these NCDs, issued last year, has been downgraded from Care BBB- to Care BB with negative outlook. The SP group had issued these NCDs last June to raise ₹14,300 crore. The rupee-denominated NCDs matures in April 2026 at a redemption premium of 18.75%. Investors like Cerberus Capital, Varde Partners, Canyon Capital, Davidson Kempner, as well as existing lenders Deutsche Bank, Edelweiss Special Opportunities Fund and Ares SSG had subscribed to these bonds.

SP group firm Goswami’s high-yield debt sees ratings cut

CSP’s investments help raise funds for NCD redemptions but are exposed to market risks. GIPL’s financial flexibility depends on the loan-to-value ratio and current equity market conditions.


GIPL and CIPL face refinancing risk due to reliance on dividend income for debt repayment. The early redemption date was extended from December 2024 to December 2025, with bridge financing in place to avoid default.


The issuer has made timely interest payments.

Mr. Medard Pretto, Director

The Shapoorji Pallonji (SP) group, with over 150 years of experience, is a leading name in construction, infrastructure, and real estate. SPCPL benefits from its promoters' vast experience and the group's extensive resources in building diverse global projects.


The NCD is backed by monetization events, including GIPL’s investment in Afcons Infrastructure Ltd (AIL) and port assets. The DTD allows debt reduction and lower refinancing needs, with step-up coupons (400 bps) for delays. These events have been successfully realized, enabling partial NCD redemption and debt reduction.

The NCDs are backed by CIPL’s credit support, based on its investments in TSPL’s portfolio. The LTV starts at 13.44%, with a trigger at 19.77%. If exceeded, GIPL or the CSP must restore the LTV via cash deposit, fixed deposit, or debenture redemption.


Security Name: 0.00% Goswami Infratech Private Limited 30 Apr 2026

ISIN:

INE219O07362

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Goswami Infratech Private Limited

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Goswami Infratech sweetens offer to bondholders, in return for more time

SP group firm Goswami’s high-yield debt sees ratings cut

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