India's SP Group unit raises over $460 million in debt

By Dharamraj Dhutia MUMBAI, Oct 6 (Reuters) — Eqyizen Investment, a unit of India's Shapoorji Pallonji Group, has raised 44.5 billion rupees ($462.2 million) through sale of zero-coupon rupee bonds maturing in July 2029, bankers said. Here are a few details: Mercury Finance, another SP Group firm, recently raised $125 million through zero-coupon US dollar-denominated bonds due July 2029 The dollar funds were invested in the rupee debt sale of Eqyizen Investment, that sold these papers at a yield of 18.95% Eqyizen will use the proceeds to meet an obligation of Porteast Investment, another group subsidiary, which is due to pay around 35 billion rupees for debt raised in May 2025 Eqyizen had raised 213.5 billion rupees via another issue at a yield of 18.95% in July In July, Mercury Finance had raised $650 million, which was invested in rupee debt sold by Eqyizen, whose bonds are secured by SP Group's stake in Tata Sons, through Cyrus Investments Shapoorji Pallonji Group did not respond to a Reuters request for comment The outlook for the real estate conglomerate's bonds has improved after Tata Trusts, Tata Sons' controlling shareholder, said earlier this month that SP Group had proposed selling 250 billion rupees worth of its stake ($1 = 96.2900 Indian rupees) (Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala) ((Dharamraj.Dhutia@thomsonreuters.com;)