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Business Standard
3 days ago
- Business
- Business Standard
Shapoorji Group bags $3.35 bn in largest private deal led by Deutsche Bank
The $3.35 billion financing was raised via 3-year NCDs at a 19.75 per cent annual yield, up from last year's 18.75 per cent when Goswami Infratech raised $1.7 billion in debt Rimjhim Singh New Delhi Deutsche Bank has planned the largest private credit transaction outside the United States by raising $3.35 billion for the Shapoorji Pallonji (SP) Group. The infrastructure conglomerate leveraged a portion of its Tata Sons stake as collateral, attracting commitments from major global investors, including BlackRock and Morgan Stanley, according to a report by The Economic Times. The financing was secured through three-year non-convertible debentures (NCDs) offering a 19.75 per cent yield, compounded annually and payable at maturity. This marks a rise from earlier debt issuances, which commanded yields approximately one percentage point lower. In 2023, SP Group's Goswami Infratech had raised $1.7 billion at an 18.75 per cent yield, the news report said. Deutsche Bank's significant commitment and syndication The $3.35 billion funding round brought together three distinct investor groups: existing bondholders of Sterling bonds, current investors in Goswami bonds, and a new cohort of private credit investors from the US, the UK, Hong Kong, Singapore, and India. Deutsche Bank spread its exposure across international credit funds, with BlackRock acquiring $70 million, Sona Capital investing $180 million, Morgan Stanley Investment Management putting in $60 million, and PIMCO contributing $45 million. This consortium totalled around $355 million, complemented by a separate $500 million investment from Ares Capital. Farallon Capital, a longstanding creditor to the SP Group, invested $596 million (approximately ₹5,100 crore). Other key participants included Davidson Kempner and Cerberus Capital, committing $401 million and $474 million respectively. Secured by stake in Tata Sons and real estate arms The debt is secured against SP Group's 9.2 per cent shareholding in Tata Sons, held through Sterling Investment, as well as assets in Shapoorji Pallonji Real Estate and SP Energy — the group's oil and gas business. This issuance, exclusively arranged by Deutsche Bank, represents the first large-scale corporate bond placement following changes in Foreign Portfolio Investor (FPI) norms, which now permit offshore investment under the general limit route instead of the more restrictive Voluntary Retention Route (VRR), the news report said. Regulatory changes and timing impact the deal Originally aiming for a March close, the transaction was completed six weeks later, delayed by geopolitical uncertainties. While part of the proceeds will refinance existing debt and support growth in SP Group's real estate and engineering, procurement, and construction (EPC) businesses, the deal is expected to transform capital access for large Indian conglomerates, the news report said.
Mint
22-04-2025
- Business
- Mint
Shares to buy or sell: Sachin Gupta of 5paisa recommends Prestige Estates, Federal Bank — 22 April 2025
Stock market today: Indian stock markets maintained their upward trend on Tuesday, as both key indices opened higher, supported by the resurgence of Foreign Portfolio Investor (FPI) inflows and favorable sentiment arising from the meeting between Prime Minister Narendra Modi and US Vice President JD Vance. Market analysts considered this high-profile interaction a pivotal step for economic and trade collaboration between the two countries. The Nifty 50 index commenced at 24,185.40, reflecting an increase of 59.85 points or 0.25 percent. Similarly, the Sensex began on a strong note at 79,728.39, gaining 319.89 points or 0.40 percent. Experts pointed out that Indian equities are demonstrating resilience and outperforming despite weak global indicators, which they attributed to robust domestic fundamentals and renewed optimism regarding Indo-US relations. Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, noted that under typical conditions, there is a strong correlation between the US market, often regarded as the primary market, and other international markets. However, these are unusual circumstances where the usual correlation may not apply. Recently, the US market experienced turmoil following reports of potential tensions between Trump and Powell that could affect the Federal Reserve's independence. This kind of uncertainty is unwelcome to investors. Powell has indicated that he will make decisions based on the latest data and the changing outlook, which is currently unfavorable for the US economy. He also dismissed the idea of a 'Fed Put' in a recent discussion with Raghuram Rajan. Consequently, the conflict between the President and the Federal Reserve Chair is expected to persist, potentially prompting some unpredictable actions from the President that could result in legal disputes. The Nifty 50 extended its gains for the fifth consecutive session, rising 1.1% and closing above the 24,000 mark, driven by broad-based participation. Overall, the Nifty 50 has climbed 7.5% from its recent low, fueled by strong performances in the financial sector and better-than-expected earnings from major banks such as ICICI Bank and HDFC Bank. Both bank stocks reached 52-week highs, with gains of 0.22% and 1.07%, respectively. Technically, the Nifty 50 index has confirmed a breakout from the falling channel formation and is sustaining above the 200-DMA on the daily chart, indicating positive breadth and bullish strength in the long term. The momentum indicator RSI has witnessed a positive crossover but is hovering at a high level, which warrants caution. As a result, the index may experience some profit booking or a correction to certain levels, which could act as a buying opportunity. Near-term support and resistance levels are at 24,000/23,700 and 24,400/24,700, respectively. On shares to buy on Tuesday, Sachin Gupta recommends Prestige Estates Projects Ltd, and Federal Bank Ltd. On the weekly chart, Prestige Estates Projects share price has rebounded from a low of 1048 and has traded higher over the past two weeks. Furthermore, the price has moved above the 100-week Exponential Moving Average, indicating bullish strength in the medium term. Additionally, the daily chart shows volume buying and a positive crossover in the RSI, suggesting bullish momentum. The stock price has also moved above the middle Bollinger Band, reinforcing the upward trend. Based on this technical setup, we recommend buying Prestige Estates Projects share price around ₹ 1,265, with targets of ₹ 1,330 and ₹ 1,370, and a strict stop-loss below ₹ 1,200. After finding support at the 200-DEMA around the 186 level, the Federal Bank share price turned upward and has sustained its momentum on the higher side. In the recent move, the stock confirmed a breakout from a Bullish Flag Pattern and has moved above the Upper Bollinger Band, signaling the continuation of the uptrend. Additionally, higher volume activity and a positive RSI crossover have supported the buying strength, indicating bullish momentum. Based on this analysis, traders can consider buying Federal Bank share price around ₹ 200, with a potential target of ₹ 215 and a stop-loss below ₹ 192.
Mint
22-04-2025
- Business
- Mint
Shares to buy or sell: Sachin Gupta of 5paisa recommends Prestige Estates, Federal Bank — 22 April 2025
Stock market today: Indian stock markets maintained their upward trend on Tuesday, as both key indices opened higher, supported by the resurgence of Foreign Portfolio Investor (FPI) inflows and favorable sentiment arising from the meeting between Prime Minister Narendra Modi and US Vice President JD Vance. Market analysts considered this high-profile interaction a pivotal step for economic and trade collaboration between the two countries. The Nifty 50 index commenced at 24,185.40, reflecting an increase of 59.85 points or 0.25 percent. Similarly, the Sensex began on a strong note at 79,728.39, gaining 319.89 points or 0.40 percent. Experts pointed out that Indian equities are demonstrating resilience and outperforming despite weak global indicators, which they attributed to robust domestic fundamentals and renewed optimism regarding Indo-US relations. Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, noted that under typical conditions, there is a strong correlation between the US market, often regarded as the primary market, and other international markets. However, these are unusual circumstances where the usual correlation may not apply. Recently, the US market experienced turmoil following reports of potential tensions between Trump and Powell that could affect the Federal Reserve's independence. This kind of uncertainty is unwelcome to investors. Powell has indicated that he will make decisions based on the latest data and the changing outlook, which is currently unfavorable for the US economy. He also dismissed the idea of a 'Fed Put' in a recent discussion with Raghuram Rajan. Consequently, the conflict between the President and the Federal Reserve Chair is expected to persist, potentially prompting some unpredictable actions from the President that could result in legal disputes. The Nifty 50 extended its gains for the fifth consecutive session, rising 1.1% and closing above the 24,000 mark, driven by broad-based participation. Overall, the Nifty 50 has climbed 7.5% from its recent low, fueled by strong performances in the financial sector and better-than-expected earnings from major banks such as ICICI Bank and HDFC Bank. Both bank stocks reached 52-week highs, with gains of 0.22% and 1.07%, respectively. Technically, the Nifty 50 index has confirmed a breakout from the falling channel formation and is sustaining above the 200-DMA on the daily chart, indicating positive breadth and bullish strength in the long term. The momentum indicator RSI has witnessed a positive crossover but is hovering at a high level, which warrants caution. As a result, the index may experience some profit booking or a correction to certain levels, which could act as a buying opportunity. Near-term support and resistance levels are at 24,000/23,700 and 24,400/24,700, respectively. On shares to buy on Tuesday, Sachin Gupta recommends Prestige Estates Projects Ltd, and Federal Bank Ltd. On the weekly chart, Prestige Estates Projects share price has rebounded from a low of 1048 and has traded higher over the past two weeks. Furthermore, the price has moved above the 100-week Exponential Moving Average, indicating bullish strength in the medium term. Additionally, the daily chart shows volume buying and a positive crossover in the RSI, suggesting bullish momentum. The stock price has also moved above the middle Bollinger Band, reinforcing the upward trend. Based on this technical setup, we recommend buying Prestige Estates Projects share price around ₹ 1,265, with targets of ₹ 1,330 and ₹ 1,370, and a strict stop-loss below ₹ 1,200. After finding support at the 200-DEMA around the 186 level, the Federal Bank share price turned upward and has sustained its momentum on the higher side. In the recent move, the stock confirmed a breakout from a Bullish Flag Pattern and has moved above the Upper Bollinger Band, signaling the continuation of the uptrend. Additionally, higher volume activity and a positive RSI crossover have supported the buying strength, indicating bullish momentum. Based on this analysis, traders can consider buying Federal Bank share price around ₹ 200, with a potential target of ₹ 215 and a stop-loss below ₹ 192. Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision. First Published: 22 Apr 2025, 10:10 AM IST
