Shapoorji Pallonji Group has secured commitments for more than half of its planned $2.7 billion fundraising and aims to complete the deal before end of next month, two sources familiar with the matter said on Friday.
The group plans to raise $950 million through dollar bonds issued by a unit, with the rest through rupee debt raised by Goswami Infratech, the sources said.
The Shapoorji Pallonji Group is a major construction and infrastructure conglomerate and the second-largest shareholder in Tata Sons, the holding company of the Tata group.
Shapoorji Pallonji has struggled with high debt and has been unable to monetise its stake in unlisted Tata Sons.
Investors have committed about $1.5 billion across the rupee and dollar portions of the fundraising, the sources said.
