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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.
Economic Times
3 days ago
- Business
- Economic Times
Shapoorji Group secures $3.4 billion in record Deutsche-led credit deal
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Deutsche Bank anchored the largest private credit deal outside of the US, garnering $3.35 billion for the Shapoorji Pallonji Group, as the infrastructure conglomerate used a part of its Tata Sons stake as collateral to draw commitments from the likes of BlackRock and Morgan Stanley in a global funding syndicate, people familiar with the matter three-year non-convertible debentures (NCDs) carry a 19.75% yield, compounded annually and payable at maturity. Funds were earlier raised at a rate that was about a percentage point lower. In 2023, SP Group's Goswami Infratech had raised $1.7 billion at 18.75%. The German lender committed $893 million to the bonds, and is likely to retain a significant amount - of more than $500 million - on its books. Deutsche Bank has syndicated to financiers including BlackRock, Sona Capital, Morgan Stanley, and PIMCO. Firms such as Sona Capital and PIMCO executed their first major private credit India trade through this entire funding round of $3.35 billion drew three distinct pools of capital -- existing bondholders in Sterling bonds, existing bondholders in Goswami bonds, and a fresh slate of global private credit investors from the U.S., U.K., Hong Kong, Singapore, and Deutsche Bank also distributed its exposure across a consortium of international credit funds. BlackRock picked up $70 million, Sona committed $180 million, Morgan Stanley Investment Management took $60 million, and PIMCO added $45 million, bringing the consortium's total to about $355 million. Separately, Ares has invested in $500 Capital, a long-time creditor to SP Group, followed with a $596 million (Rs 5,100 crore) investment. Davidson Kempner and Cerberus Capital committed $401 million and $474 million respectively. Spokespersons of Deutsche Bank and SP Group did not respond to requests for debt is secured by SP Group's 9.2% stake in Tata Sons held via Sterling Investment, its real estate arm Shapoorji Pallonji Real Estate, and SP Energy, the oil and gas business. The issuance, arranged solely by Deutsche Bank, is the first large corporate bond placement under the revised FPI norms, which now allow offshore investments through the general limit route instead of the restrictive Voluntary Retention Route (VRR).DB originally targeted a March closing but ultimately executed the transaction six weeks later after geopolitical stability. 'This regulatory tweak, where the RBI revised FPI norms for corporate bonds, helped investors invest through the general investment route,' said a source. 'It was key for investors that wanted one-off exposure to India without committing to an ongoing India-dedicated book.' While the transaction is partially going to be used for refinancing existing debt and funding growth in real estate and EPC businesses, it will change how large conglomerates access longterm capital, said an investor in the bond.'Most people see Shapoorji as a real estate player. But it is India's largest EPC group after L&T,' one bond investor in the deal said. 'This deal will deepen nonbank financing avenues for corporate India and will significantly deepen the private credit market in India.' Other investors in the deal include Kingstreet $150 million, EAAA $82 million, Synergy Metals & Mining $75 million, BroadPeak $55 million, Discovery $25 million, and ASK Finance $23 million, among others. In total, 14 investors participated.
Time of India
3 days ago
- Business
- Time of India
Shapoorji Group secures $3.4 billion in record Deutsche-led credit deal
Deutsche Bank anchored the largest private credit deal outside of the US, garnering $3.35 billion for the Shapoorji Pallonji Group, as the infrastructure conglomerate used a part of its Tata Sons stake as collateral to draw commitments from the likes of BlackRock and Morgan Stanley in a global funding syndicate, people familiar with the matter said. The three-year non-convertible debentures (NCDs) carry a 19.75% yield, compounded annually and payable at maturity. Funds were earlier raised at a rate that was about a percentage point lower. In 2023, SP Group's Goswami Infratech had raised $1.7 billion at 18.75%. The German lender committed $893 million to the bonds, and is likely to retain a significant amount - of more than $500 million - on its books. Deutsche Bank has syndicated to financiers including BlackRock, Sona Capital, Morgan Stanley, and PIMCO. Firms such as Sona Capital and PIMCO executed their first major private credit India trade through this deal. Distribution of Exposure The entire funding round of $3.35 billion drew three distinct pools of capital -- existing bondholders in Sterling bonds, existing bondholders in Goswami bonds, and a fresh slate of global private credit investors from the U.S., U.K., Hong Kong, Singapore, and India. The Deutsche Bank also distributed its exposure across a consortium of international credit funds. BlackRock picked up $70 million, Sona committed $180 million, Morgan Stanley Investment Management took $60 million, and PIMCO added $45 million, bringing the consortium's total to about $355 million. Separately, Ares has invested in $500 million. Farallon Capital, a long-time creditor to SP Group, followed with a $596 million (Rs 5,100 crore) investment. Davidson Kempner and Cerberus Capital committed $401 million and $474 million respectively. Spokespersons of Deutsche Bank and SP Group did not respond to requests for comment. Regulatory Tweak The debt is secured by SP Group's 9.2% stake in Tata Sons held via Sterling Investment, its real estate arm Shapoorji Pallonji Real Estate, and SP Energy, the oil and gas business. The issuance, arranged solely by Deutsche Bank, is the first large corporate bond placement under the revised FPI norms, which now allow offshore investments through the general limit route instead of the restrictive Voluntary Retention Route (VRR). DB originally targeted a March closing but ultimately executed the transaction six weeks later after geopolitical stability. 'This regulatory tweak, where the RBI revised FPI norms for corporate bonds, helped investors invest through the general investment route,' said a source. 'It was key for investors that wanted one-off exposure to India without committing to an ongoing India-dedicated book.' While the transaction is partially going to be used for refinancing existing debt and funding growth in real estate and EPC businesses, it will change how large conglomerates access longterm capital, said an investor in the bond. 'Most people see Shapoorji as a real estate player. But it is India's largest EPC group after L&T,' one bond investor in the deal said. 'This deal will deepen nonbank financing avenues for corporate India and will significantly deepen the private credit market in India.' Other investors in the deal include Kingstreet $150 million, EAAA $82 million, Synergy Metals & Mining $75 million, BroadPeak $55 million, Discovery $25 million, and ASK Finance $23 million, among others. In total, 14 investors participated.
Hans India
24-05-2025
- Business
- Hans India
RBI to pay record Rs 2.69 lakh-crore dividend to govt
New Delhi: The Reserve Bank of India will pay Rs 2.69 lakh crore—the highest-ever surplus—as dividend to the central government for fiscal 2025, the central bank said in a statement on Friday. This compares with Rs 2.1 lakh crore and Rs 87,420 crore transferred to the government in the financial year-ended March 2024 and 2023 respectively. Economists had pegged the surplus transfer to the government in the range of Rs 2.5-3.5 lakh crore for the fiscal. The RBI board also revised the Economic Capital Framework. The revised framework stipulates the risk provisioning under the Contingent Risk Buffer be maintained within a range of "6.0 ± 1.5% of the balance sheet size as against the existing level of 6.5%, with a lower bound of 5.5%". The surplus transfer this year is likely a function of higher forex sales by the RBI, higher earnings on forex assets, and higher earnings on VRR operations as this was a deficit year, Madan Sabnavis, chief economist at the Bank of Baroda said. The government targeted Rs 2.56 lakh crore this year from RBI plus PSBs and other government FIs. "With this increase, we believe there could be an additional Rs 50-60,000 crore that will be available assuming that banks' dividend could be lower in a declining interest rate era," said Sabnavis. Still, he does not expect any substantial impact on the government's fiscal deficit. "At best there could be a benefit of around 0.1% in deficit which can improve from 4.4% to 4.3%," he said.
Gizmodo
19-05-2025
- Entertainment
- Gizmodo
Switch 2 Has Six Joyful Nintendo Touches to Help it Stand Out
Nintendo's Switch 2 Joy-Cons 2 will literally make music in the connection menu. As much as Nintendo's games try to emphasize the 'fun' first, the company's consoles themselves similarly want to spark joy in odd, though surprisingly endearing, ways. Even before the Switch 2's launch, Nintendo shared a few odd and cutesy features beyond the headlining mouse controls and GameChat that are meant to remind you you're not just plugging in any bog-standard gaming machine, especially not when you can play a song with your Joy-Cons on the connection screen. The Switch 2, swathed in its new black finish, may look a little too dark and drab compared to classic, colorful Nintendo, but the amusements are more than skin-deep. The more technologically minded Nintendo fans have poured over recently leaked Switch 2 specs. The console will indeed be many times more powerful than the original Switch. The specs also revealed the console will support VRR—or variable refresh rate—on handheld mode up to 120Hz but not on TV when docked. Variable refresh rate is a way for displays to change the rate a screen refreshes to match a game's frames per second (fps). Nintendo confirmed with Nintendo Life that it posted 'incorrect information' to its website suggesting VRR is supported on TVs. That language has been changed, but the hubbub surrounding this talk of VRR or other spec details largely misses the point. Games are already confirmed to run at a max 60 fps at 4K. Other resolutions will carry their own standard frames per second. The PlayStation 5 didn't get VRR support until two years after its 2020 release. In the same way, Nintendo could update this at a later time. So unless lack of VRR leads to screen tearing issues, Nintendo would rather focus on the oddly endearing functions of its new handheld. Much like the original Switch, there are a few hidden features that Nintendo has in store when the Switch 2 launches June 5. We'll be sure to add more once we finally have the console in hand. You Can Customize the Side Panels on the Joy-Cons 2 You will be able to customize the Joy-con 2 side panes like the PS5 faceplates. Some new panels have already started popping up. — Centro LEAKS (@CentroLeaks) May 5, 2025 Those blue and red accents on the Switch 2 Joy-Cons 2 aren't going to be your only option. The controllers currently only come in black, but users can remove the small side panels in a similar fashion to how you can swap out the fins on the PlayStation 5. Some shops are already selling replacement panels and removal tools. We expect Nintendo will try to sell a bounty of different color options in the future. If the Japanese console maker plans to sell different-colored controllers, we could be in store for some interesting color combinations. The Controller Connection Screen Will Let You Make a Tune The original Switch included a hidden feature on the lock screen, where pressing different buttons activated different sounds. Few Switch owners knew about it, but you—dear reader—will be some of the few to know controllers can make music in the system's 'Change Grip/Order' section of the main menu. Nintendo said you can play different sounds with your connected controller by pressing the L/R, ZL/ZR, and SL/SR buttons. Nintendo said you can 'even create a musical scale' with these sounds, but enterprising musicians will certainly be able to carry a tune. This works with all first-party controllers, including Switch 2 Pro controllers and even the original Switch's Joy-Cons. Speaking of sound, Nintendo also shared more of the main menu chirps and bleeps. Now if only Nintendo could make something as endearing as the Wii Shop theme. Nintendo Today showed off some of the system sounds of the Switch 2! ⁰- There are different sounds for pressing the C Button and for selecting each icon on the HOME Menu. – A sound also plays when you wake up the docked system from sleep mode. — Genki✨ (@Genki_JPN) May 18, 2025 You Can Navigate the Switch 2's Main Menu With Mouse Controls Console gamers will get a small taste of the PC lifestyle with the ability to navigate the Switch 2 main menu with the Joy-Cons 2 mouse controls. This may make navigating the newly redesigned eShop much easier. Mouse controls are supposed to be one of the major defining features of the handheld console, and you'll find it in a surprising number of games. Super Mario Party Jamboree will include mouse-specific minigames, and the upcoming Drag x Drive will use it for pushing around a wheelchair for basketball-based antics. Those titles that aren't using first-person mouse controls—such as Cyberpunk 2077 and Metroid Prime 4: Beyond—or in real-time strategy games like Civilization VII, will likely be using it to navigate menus. The Switch 2 Helps You Find Your Missing Joy-Con Between the Couch Cushions The original Switch included a Find Controllers feature that made a missing Joy-Con chime and vibrate in case you're having a hard time finding it. Nintendo updated this feature for the Switch 2, but it should work the same as before. You'll find this capability under the controllers section of the main menu. The Joy-Con needs to be paired with the console and still have enough battery to receive the signal. Switch 2 Will Save on Battery With a Hidden Setting Switch 2 owners can enable a 'Stop Charging Around 90%' setting that should help save your battery long term. It's a common feature on other devices like smartphones, and it should help keep your battery capacity stable over a longer period of time. It will reduce your undocked playtime, though it's a good idea to use it if you plan on taking the handheld out and about. If it sounds obvious, then know the Steam Deck only added a battery maximum charge limit setting this month through its latest beta. The Switch App Will Be How You Can Access and Share Screenshots While Nintendo intends its GameShare feature to be the main way you'll interact with friends and share moments, users should be able to send their friends in-game screenshots with a new Switch app. This will make it far easier to share your favorite moments without needing to go through the original Switch's tedious process of scanning a QR code to bring them up in a browser. You'll also use the app to access friends lists and use it for voice chat online. You need a Switch Online membership to access these features.
