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SP Group’s Rs 25,000 crore bond issue price likely to be lower

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SP Group's Rs 25,000 crore bond issue price likely to be lower
Mumbai: Shapoorji Pallonji (SP) Group’s proposed bond issue of about ₹25,000 crore (the equivalent of $2.8 billion) at home and overseas will likely be priced 300-400 basis points below its previous borrowing round, as improving visibility on asset sales and the group’s potential stake ownership settlement with Tata Sons lift investor sentiment, people familiar with the matter told ET.

One basis point is a hundredth of a percentage point.

The proposed round of fundraising, likely to be completed early April, could have a 2:1 split in favour of the domestic market. At home, the infrastructure conglomerate would seek to garner about ₹15,000-16,000 crore in rupee-denominated non-convertible debentures (NCDs).

SP Group’s Rs 25,000 crore bond issue price likely to be lower
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Shapoorji Pallonji Group is set to raise approximately ₹25,000 crore through a bond issue. This fundraising effort, planned for early April, is expected to have a lower pricing than previous borrowings. Improved prospects for asset sales and a potential settlement regarding its stake in Tata Sons are boosting investor confidence.


Stake Monetisation Prospects
Overseas, SP Group has planned a three-year dollar bond of $750 million to $1 billion said the people cited above, unwilling to give further details as the ongoing discussions with potential investors are in the private domain.

Pricing on the overall package is likely to be tighter than the 18.75% coupon at which the group raised Rs 14,300 crore in 2023 through Goswami Infratech. That facility is due to mature on April 30 this year.
“The pricing is likely to come down significantly as the contours are becoming clearer,” one person aware of the talks said. The Tata Sons stake monetisation prospects for the SP Group enhance the recovery visibility for lenders and bondholders, said this person.
TATA STOCK
Bankers said the improved pricing outlook has come from greater clarity around the long-running dispute between the SP Group and Tata Sons, including discussions linked to stake monetisation. The SP Group, led by the Mistry family, holds about 18.75% in Tata Sons, making it the largest minority shareholder in India’s biggest conglomerate.

While the debate continues over whether Tata Sons must list under Reserve Bank of India (RBI) norms applicable to upper-layer non-banking financial companies, market participants said either a listing or a negotiated settlement would unlock value and improve SP Group’s credit profile.

Tata Trusts Chairman Noel Tata is understood to have outlined conditions around the listing issue in the context of leadership decisions at Tata Sons, adding a layer of complexity to the discussions, as reported by ET on February 24. However, since one of the conditions is an eventual settlement with the SP Group gives further comfort to lenders on stake monetisation, said one of the sources cited above.

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Investor appetite appears strong with at least a third of the fund likely to come from dollar bond investors. The rest is likely to come from foreign banks, domestic investors and private credit funds.

Timelines for the issues aren’t certain yet. However, lenders said the base case, which assumes partial deleveraging at the group backed by monetisation, is intact.

If executed at the tighter end of expectations, the transaction would result in a visible reduction in SP Group’s funding costs and signal renewed investor confidence in its refinancing initiatives.

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FDA recalls 55,000 pounds frozen blueberries over potential Listeria

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FDA recalls 55,000 pounds frozen blueberries over potential Listeria

Federal regulators have announced a recall of 55,000 pounds of frozen blueberries over potential Listeria contamination that could pose a life-threatening risk.

Oregon Potato Company — a family-owned business in Salem specializing in frozen and dehydrated potatoes, vegetables, and fruits — has flagged 55,689 pounds of individually quick-frozen blueberries, the U.S. Food and Drug Administration said.

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While the notice was made on Feb. 12, regulators on Tuesday upgraded it to a Class 1 recall, with officials warning that exposure to the potential Listeria monocytogenes “could cause serious adverse health consequences or death.”

The product was distributed across several U.S. states, including Michigan, Oregon, Washington, and Wisconsin, as well as throughout Canada. 

MORE THAN 191,000 AROEVE AIR PURIFIERS RECALLED OVER OVERHEATING, FIRE RISK

Blueberries

Roughly 55,000 pounds of frozen blueberries have been recalled over listeria contamination risk. (Stefan Sauer/picture alliance via Getty Images / Getty Images)

The product was not sold directly to consumers in retail stores but instead moved between businesses within the supply chain, the FDA said.  

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The recall, which was initiated via email, remains ongoing.

The affected items include 30-pound cases with expiration dates from July 23, 2027, to July 24, 2027, bearing lot codes 2055 B2, 2065 B1, and 2065 B3. They are packaged in polyethylene bags within corrugated cases, a specialized dual-layered design.  

Regulators stated that 1,400-pound totes were also affected, with lot codes 3305 A1 and 3305 B1, both expiring on Nov. 25, 2027. The product is packaged in polyethylene liners within Gaylord totes, which are heavy-duty, industrial-grade plastic bags placed in large bulk-shipping containers.

RECALL ISSUED FOR MORE THAN 12K ADULT BED RAILS OVER ENTRAPMENT, ‘RISK OF DEATH’

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Listeria bacteria under a microscope

Microscopic look at listeria.  (BSIP/UIG  / Getty Images)

L. monocytogenes is generally transmitted where food is harvested and processed in manufacturing or production environments.

Listeria monocytogenesis is a disease-causing bacteria that can cause foodborne illness, leading to symptoms such as fever, diarrhea, and vomiting.

A sign for the Food And Drug Administration is seen outside of the headquarters

A sign for the Food And Drug Administration is seen outside the headquarters on July 20, 2020, in White Oak, Maryland.  ((Photo by Sarah Silbiger/Getty Images) / AP Newsroom)

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While healthy adults rarely become seriously ill from a Listeria infection, the disease can cause severe—and sometimes fatal—symptoms in unborn babies, newborns, the elderly, and individuals with weakened immune systems.

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GameStop (GME) Stock Trades Near $24 as Retail Interest Reignites, CEO Acquisition Vision Fuels Speculation

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Microsoft CEO Satya Nadella says the US tech giant plans to invest $3 billion in India on AI and cloud infrastructure over the next two years

GameStop Corp.’s stock has stabilized near $24 in late February 2026, closing at $23.92 on February 25 after a modest 0.63% gain, as renewed retail investor enthusiasm and CEO Ryan Cohen’s comments on pursuing transformative acquisitions keep the meme stock in focus despite ongoing challenges in the core retail business.

Young investors are sometimes seen skeptically following their role in the GameStop stock craze, but say they are clued in to the market's risks
GameStop Stock

As of February 25, 2026, GameStop (NYSE: GME) traded in a session range of $23.71 to $24.11 with volume around 800,000 to several million shares across recent days. The shares have risen about 15% year-to-date in 2026, recovering from earlier weakness and trading well above 2025 lows near $20 but far below the all-time highs from the 2021 squeeze. Market capitalization hovers around $10.6 billion to $10.7 billion.

The recent uptick reflects a mix of retail momentum and strategic commentary from Cohen. In January 2026 interviews and filings, Cohen outlined ambitions for a “very big” acquisition of a publicly traded consumer company that could dramatically reshape GameStop’s profile and potentially increase its value significantly. Reports suggested a deal could target a consumer megadeal worth billions, positioning GameStop as a holding company with stronger growth prospects beyond declining physical game sales. A social media post in February declaring “We’ll take a million” further sparked speculation among retail traders about bold moves or share repurchases.

GameStop’s cash position—bolstered by prior equity raises—provides flexibility for such pursuits. The company holds billions in cash equivalents, enabling potential transformative investments while core operations face structural pressures. Revenue continues to trend lower due to digital game distribution shifts, with Q3 2025 (fiscal third quarter ended October 2025) showing $821 million, down 4.57% year-over-year. Profitability has improved through aggressive cost controls, including store closures—GameStop is expected to shutter around 470 locations by early 2026—and a focus on higher-margin segments like collectibles and partnerships.

Recent developments include insider activity supporting confidence. CEO Ryan Cohen purchased 1 million shares in prior periods for over $21 million, with additional buys from executives and directors in January and February 2026. Institutional moves show mixed signals, with some additions and reductions, but retail forums and options activity remain elevated. A February social media post hinting at ambitious targets ignited discussions about potential mergers or buybacks.

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Analysts debate valuation amid the narrative shift from meme volatility to capital allocation play. Consensus leans cautious, with average 12-month price targets around $13.50 to $15, implying downside from current levels and reflecting skepticism about sustainable profitability. Some models suggest intrinsic value as low as $11.91, while optimistic retail-driven estimates reach $220, highlighting the wide gap between fundamental views and speculative enthusiasm. P/E ratios sit elevated at around 25-28x recent earnings, with forward guidance tied to cost discipline and any acquisition success.

GameStop’s next earnings report, for fiscal Q4 2025 (ended January 2026), is expected March 24, 2026, before market open, with a conference call the following day. Traders anticipate updates on holiday sales, store optimization, cash deployment, and progress toward Cohen’s strategic goals. Positive surprises on margins or deal announcements could extend gains; continued revenue softness might pressure shares.

The company has explored partnerships, including with Cineverse for film promotions and PSA for collectibles grading, diversifying beyond traditional gaming retail. However, core challenges persist: declining foot traffic in brick-and-mortar stores, competition from digital platforms, and a shrinking physical game market. Analysts note GameStop’s evolution into a cash-rich entity with acquisition potential, but execution risks remain high in a competitive consumer landscape.

Retail sentiment on platforms like Reddit and X continues to drive volatility, with “diamond hands” holders emphasizing long-term bets on Cohen’s vision. Institutional coverage remains limited, with some firms maintaining Sell or Reduce ratings due to structural headwinds in retail gaming.

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GameStop’s trajectory in 2026 hinges on balancing legacy operations with bold strategic moves. Cohen’s acquisition focus and the company’s cash hoard offer upside potential if a transformative deal materializes, while retail enthusiasm could sustain momentum. As earnings approach, investors watch for signs of progress beyond meme status toward a redefined business model.

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Escalante amends bail to get jet access

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Escalante amends bail to get jet access

Gaming billionaire Laurence Escalante has faced court to amend his bail and suppression order in a bid which could see him gain access to his private jet.

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MTU Aero Engines Shares Fall After Outlook Narrowly Misses Expectations

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MTU Aero Engines Shares Fall After Outlook Narrowly Misses Expectations

MTU Aero Engines MTX 1.10%increase; green up pointing triangle shares fell after the German aircraft-engine manufacturer gave cash-flow and earnings guidance for 2026 that, at the midpoint of its ranges, came in slightly below consensus expectations.

Shares in MTU were down 7.7% in European afternoon trading, reducing the stock’s year-to-date gain to 3.3%.

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ADCO wins $163m hockey centre redevelopment contract

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ADCO wins $163m hockey centre redevelopment contract

Ground has broken for construction of the $163 million Australian Hockey Centre at Curtin University’s Bentley campus.

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Neal West, Kaiser Aluminum EVP, sells $608k in shares

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Neal West, Kaiser Aluminum EVP, sells $608k in shares

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AMD Stock Rallies on Meta Chip Deal

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David Uberti hedcut

That’s the value of the deal Advanced Micro Devices and Meta Platforms unveiled this morning, which will see the Facebook owner buy 6 gigawatts’ worth of AI computing power.

AMD (AMD) stock jumped 6.5% Tuesday morning.

Nvidia (NVDA) and Meta (META) shares were little changed.

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Home Prices Ended 2025 Stronger Than Expected. Where Buyers and Sellers Are Looking.

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Home Prices Ended 2025 Stronger Than Expected. Where Buyers and Sellers Are Looking.

Home Prices Ended 2025 Stronger Than Expected. Where Buyers and Sellers Are Looking.

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Oil climbs as US-Iran tensions keep supply risks in focus

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Oil climbs as US-Iran tensions keep supply risks in focus


Oil climbs as US-Iran tensions keep supply risks in focus

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Export uncertainty may dull domestic momentum for solar companies

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Export uncertainty may dull domestic momentum for solar companies
ET Intelligence Group: The imposition of countervailing duty (CVD) by the US Department of Commerce on solar modules from India is set to impact not just exporters but also companies focusing on the domestic market. With the viability of US-bound shipments now uncertain due to a CVD of 125.87%, exporters are likely to redirect unsold inventory to the Indian market. According to analysts, this may bring down module prices and affect realisations.

“Companies with minimal or no exports to the US will also be impacted by CVD. They face indirect risk, if export volumes from peers are redirected to India. Increased domestic supply could pressure module realisations,” Sweta Jain, research analyst, Anand Rathi Institutional Equities told ET. Indian exports may also look at other alternative markets in Africa or the Middle East and North Africa region, she added.

Companies rely on the US due to higher realisations. Imposition of CVD will wipe out the price advantage that previously allowed Indian manufacturers to earn superior margins.

US Duty may Lead to Margin Pinch for ‘Solar’ FirmsAgencies

inventory glut could hit local biz; stocks slide

Waaree Energies tried to soothe investors’ nerves by saying the company’s exports will not be impacted by CVD. “The company has been progressively strengthening its US-based manufacturing footprint as part of its long-term strategy to support localized production,” Waaree Energies said in a statement communicated to stock exchanges on Wednesday. It has an aggregate US module manufacturing capacity of approximately 2.6 GW, which will be expanded to approximately 4.2 GW by the end of the current financial year. It had a total installed capacity of 23 GW at the end of December 2025.
The stock of Waaree Energies fell 10.5%, the sharpest among peers, to ₹2,709 on BSE. Shares of Vikram Solar and Premier Energies dropped 5.5% and 6.3%, respectively.

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Additionally, companies catering to solar firms also took beating. Solex Energy, maker of solar photovoltaic (PV) modules and EPC services provider for solar projects, plunged 8% while Waaree Renewable Technologies fell 3% on Wednesday.
The CVD has also eroded the future revenue visibility of Indian manufacturers that view the US as a key market for diversification and higher-margin exports. Companies that plan to increase their US exposure, invest in export-oriented capacity, or secure long-term supply contracts will now find those strategies commercially unviable under the steep duty regime. Investors will keenly watch further developments and any fruitful negotiations with the US government resulting in partial or full roll back of duties would offer a major relief.

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