Shapoorji Pallonji

The group, controlled by Indian billionaire Shapoor Mistry, had earlier reached out to Power Finance for the loan

Shapoorji Pallonji Group's flagship infrastructure engineering and construction firm Afcons Infrastructure Ltd (AIL) on Thursday said it has mobilised Rs 1,621 crore from anchor investors, a day before its initial share sale opening for public subscription. Foreign and domestic institutions participated in the anchor book include HDFC Mutual Fund (MF), ICICI Prudential MF, BlackRock, Fidelity Investments, Goldman Sachs, HSBC Group, Nomura, Nippon India MF, Enam Holdings, Mirae MF, Quant MF, Invesco MF, Eastbridge, Amundi, Invesco HK and SBI General Insurance. The company has allocated over 3.5 crore equity shares to 80 funds at Rs 463 apiece, which is also the upper end of the price band. This aggregates the transaction size to Rs 1,621.5 crore, according to a circular uploaded on BSE's website. Of 3.5 crore equity shares, 1.17 crore equity shares worth Rs 542.2 crore were allocated to 15 domestic mutual funds through a total of 31 schemes. This accounts for 33.44 per cent of the .

Shapoorji Pallonji group firm Afcons Infrastructure Ltd on Monday said it has fixed a price band of Rs 440-463 per share for its Rs 5,430-crore Initial Public Offering (IPO), which will open for subscription on October 25. The IPO is a mix of fresh issue worth up to Rs 1,250 crore and an offer of sale up to Rs 4,180 crore, Afcons Infrastructure said here. The issue will close on October 29. The issue price has been fixed in the range of Rs 440-463 apiece and investors can bid for a minimum of 32 equity shares and in multiples of 32 thereafter, the company said. The proceeds from fresh issuance to the extent of Rs 80 crore will be utilised for capital expenditure for purchase of construction equipment; Rs 320 crore for funding long term working capital requirements and Rs 600 crore for prepayment or scheduled repayment of a portion of certain outstanding borrowings, among others, it said. Investors including GIC Singapore, Enam Holdings (Akash Bhanshali), Synergy Capital, 360 One,

Shapoorji Pallonji Group's infrastructure engineering and construction company Afcons Infrastructure Ltd (AIL) is gearing up to launch its Rs 5,430-crore initial public offering (IPO) on October 25. The initial share sale will conclude on October 29 and the bidding for anchor investors will open for a day on October 24, according to the red herring prospectus (RHP). The company will announce the price band for the IPO next week. The infrastructure firm's Rs 5,430-crore IPO is a combination of a fresh issue of shares worth Rs 1,250 crore and an offer for sale (OFS) of up to Rs 4,180 crore by promoter Goswami Infratech Private Limited. The offer size has been reduced following a pre-IPO fundraising. In the March draft papers, the company had initially planned to raise Rs 7,000 crore through the initial share sale. Currently, promoter and promoter group entities own a 99 per cent stake in Maharashtra-based Afcons Infrastructure. The company will utilise Rs 80 crore from the fresh issu

Shapoorji Pallonji and Company and Khurshed Yazdi Daruvala, promoters of Sterling And Wilson Renewable Energy, on Friday divested a 7.14 per cent stake in the company for Rs 1,040 crore via open market transactions. According to the bulk deal data available with the NSE, Shapoorji Pallonji and Company Pvt Ltd offloaded 1.35 crore shares, amounting to a 5.78 per cent stake in Sterling And Wilson Renewable Energy (SWSOLAR). In addition, Khurshed Yazdi Daruvala sold 31.50 lakh shares or 1.35 per cent holding in solar EPC solutions provider Sterling And Wilson Renewable Energy. The shares were disposed of in the price range varying from Rs 623.28-630.01 apiece, taking the combined transaction value to Rs 1,039.88 crore. After the stake sale, Shapoorji Pallonji and Company's shareholding in SWSOLAR has declined to 6.95 per cent from 12.73 per cent, while Daruvala's stake has come down to 0.13 per cent from 1.48 per cent. Also, the combined shareholding of promoter and promoter group ha

Engineering and construction major Shapoorji Pallonji group is gearing up to receive investments of over Rs 2,100 crore from a consortium of global investors led by Deutsche Bank, according to sources. The global investors are existing investors in the group's investment company Goswami Infratech, which is also one of the promoter companies of Afcons Infrastructure that is scheduled for Rs 7,000 crore IPO early next month. The group has also sought an extension of payments on non-convertible debentures of up to Rs 2,100 crore, which are due in September, till December this year. This development comes on the back of the SP Group lining up near-term repayments of nearly Rs 8,000 crore through identified liquidity events, including proceeds from the upcoming IPO Afcons Infrastructure and from the sale ports assets, a person aware of the development said. "A few global investors in Goswami Infratech Pvt Ltd have agreed in principle to further their investments in the SP Group company,

In the first phase, Shapoorji Pallonji Real Estate aims to raise around $800-900 million through an IPO of about 10-12 per cent stake

The company is required to pay around 1,400 crore rupees ($167.62 million) to bondholders of Goswami Infratech when it services the debt of another group company Sterling Investment Corp

Forbes & Company stock update: The stock was locked at the 20% upper circuit in intra-day deals on Thursday, April 25.

Shapoorji Pallonji Group's flagship infrastructure engineering and construction company Afcons Infrastructure Ltd (AIL) has filed draft papers with markets regulator Sebi to raise Rs 7,000 crore through an initial public offering (IPO). The company's mega IPO is a combination of fresh issue of shares worth Rs 1,250 crore and an offer for sale (OFS) of up to Rs 5,750 crore by promoter Goswami Infratech Private Limited. Also, the offer includes a reservation for subscriptions by eligible employees, according to the draft red herring prospectus (DRHP) filed on Thursday. Currently, promoter and promoter group entities own 99.48 per cent stake in Maharashtra-based Afcons Infrastructure. Moreover, the company may consider raising up to Rs 250 crore in the "pre-IPO placement" round. If such placement is completed, the fresh issue size will be reduced. Founded in 1865, Shapoorji Pallonji Group (SP Group) is a diversified institution, and has a leading presence in engineering & ...

The group, controlled by Indian billionaire Shapoor Mistry, has reached out to Power Finance for up to Rs 15,000 crore, the largest chunk in the planned fundraising, the people said

Shapoorji Pallonji Real Estate on Thursday launched more than 180 luxury homes in Bengaluru with a revenue potential of around Rs 500 crore. In a statement, the company said it has launched 'Sequoia', the last tower at its project Parkwest 2.0 in Binnypet, Bengaluru. The project Parkwest 2.0 has a total saleable area of over 18.4 lakh square feet. The company will develop over 180 luxury apartments in this last tower, having a saleable area of 4.3 lakh square feet and "presenting a revenue potential of nearly Rs 500 crore". Venkatesh Gopalakrishna, MD & CEO of Shapoorji Pallonji Real Estate said, "Sequoia, the last tower at Parkwest 2.0, is a testament to our meticulous planning and unwavering dedication to craftsmanship." Bengaluru is one of the major real estate markets in India. As per the data compiled by housing brokerage firm, PropTiger, the sales of residential properties rose 44 per cent last year to 44,002 units from 30,467 units during 2022. The new supply of housing

Shapoorji Pallonji Real Estate is expecting over Rs 250 crore revenue from its new housing project in Mumbai and has raised Rs 55 crore to finance the development. In a statement, the company said WSB Real Estate Debt Fund II (WSBREDF II) has invested Rs 55 crore in its premium project 'BKC 9' at Bandra East, Mumbai. The project is a collaborative effort between Shapoorji Pallonji Real Estate (SPRE) and Vakratunda Buildcon Private Ltd. (VBPL). The company anticipates revenue exceeding Rs 250 crore from this project, it said. "The WSBREDF-II fund has committed an investment of Rs 55 crore to complete the premium project, BKC 9," it said. The project, spread over nearly half acre of land, has 92 apartments. The price of the apartments starts at Rs 2.11 crore. Nirav Dalal, Business Head and Chief Investment Officer, Shapoorji Pallonji Real Estate, said, "Our collaboration with WSB Partners reinforces our dedication to delivering innovative and top-tier developments that redefine th

Realty firm Shapoorji Pallonji Real Estate (SPRE) on Thursday launched 276 luxury homes in Pune with an estimated sales value of around Rs 600 crore. In a statement, the company said it has launched the second phase of its project 'Golfland' which is part of a large township 'VANAHA' near Bavdhan, West Pune. "With an estimated revenue potential of Rs 600 crore, the second phase of Golfland responds to the growing demand for upscale residences in Pune," SPRE said. The project will have 276 homes, available to buyers at prices starting at Rs 1.48 crore. In the first phase, the company had launched 276 homes. The township 'VANAHA', spread over 1,000 acres, is a mixed-use development comprising residential, commercial, and retail spaces. To date, the company has sold over 1,800 apartments in this township worth Rs 1,500 crores across mid-segment (Yahavi and Springs) and premium developments (Golfland phase 1). Nirav Dalal, Business Head and Chief Investment Officer, SPRE, said,"The

Adani Ports & Special Economic Zone is pursuing a potential Rs 1,100-1,200 crore acquisition of Gopalpur Ports from Shapoorji Pallonji Group, which would bolster its presence along the eastern coast

Delay in securing working capital limits triggers rating action

Capital markets regulator Sebi has imposed a penalty of Rs 7 lakh on Shapoorji Pallonji and Company for flouting disclosure norms. In its order, Sebi found that Shapoorji Pallonji and Company did not take prior approval from the stock exchange for converting non-convertible debentures (NCDs) into a term loan way back in March 2021. Also, it failed to submit auditor's certificate on utilization of funds, half yearly certificate on maintenance of asset cover and annual report to the debenture trustee, the Securities and Exchange Board of India (Sebi) said in its 64-page order passed on Thursday. Additionally, the company had not updated certain information on its website as required under the Listing Obligations and Disclosure Requirements (LODR) Regulations. Those details are pertaining to notice of meeting of the board of directors where financial results would be discussed; financial results; complete copy of the annual report after FY 2019-20; information, report, notices, call .

The fundraising by Afcons Infrastructure comes shortly after another group company, Goswami Infratech, raised nearly Rs 14,500 crore by issuing bonds

The offering comes at a time when investors are turning bullish on India's credit market as a strong economy and improved corporate balance sheets have alleviated concerns

ICRA has downgraded the ratings of Shapoorji Pallonji and Company to BBB+ from A- and placed it on rating watch with developing implications.