SP Group Plans Rs 25,000 Crore Bond Issue; Pricing to Drop 300-400 Bps

• Shapoorji Pallonji (SP) Group aims to raise Rs 25,000 crore via domestic and overseas bonds.
• Bond pricing is expected to be 300-400 basis points lower due to improved investor confidence and Tata stake visibility.
• The fundraising, likely by early April, will be split 2:1, favoring the domestic market with Rs 15,000-16,000 crore in rupee NCDs.
• An overseas three-year dollar bond issue of $750 million to $1 billion is also planned.
• Potential monetization of SP Group's 18.75% stake in Tata Sons is enhancing recovery prospects for lenders and bondholders.