Goldman, Cerberus, Edelweiss buy rare Indian junk bond offering 21%

The firms invested in the Rs 1,600-cr issuance from Kesoram Industries through various vehicles, according to an exchange filing Tuesday

Goldman Sachs Group Inc., Cerberus Capital Management and Edelweiss Financial Services Ltd. bought into a junk-rated rupee bond sale, a rare issue yielding as much as 21%.

The firms invested in the Rs 1,600-crore issuance from Kesoram Industries Ltd. through various vehicles, according to an exchange filing Tuesday. The Indian cement manufacturer defaulted on its debt last year and is working to restructure repayments.

The investments reflect growing interest in Indian distressed assets. Global heavyweights such as Apollo Global Management Inc. and Oaktree Capital Group have either struck deals or scaled up their local teams in recent years to bet