Shapoorji Pallonji's Eqyizen to raise $200mn via rupee bonds

Eqyizen, a unit of the diversified Shapoorji Pallonji Group, is preparing to tap domestic capital markets with a bond issuance of up to $200 million, marking a significant financing move for the infrastructure-focused company.

The proposed fundraising will involve zero-coupon rupee-denominated bonds that mature in July 2029, bankers familiar with the matter said. Zero-coupon instruments are typically issued at a discount to their face value, with investors receiving the full amount at maturity.

The company aims to wrap up the bond placement process by the end of November, providing a window of several weeks to gauge market response and finalize terms with investors. The timing aligns with current market conditions in the domestic debt capital markets, where infrastructure and real estate companies have increasingly turned to rupee-denominated instruments for medium-term financing needs.

The Shapoorji Pallonji Group, a century-old conglomerate with interests spanning infrastructure, real estate, and industrial sectors, has been expanding its financing options amid evolving capital market dynamics. This bond issuance represents one avenue through which the group's portfolio companies are accessing growth capital for ongoing projects and strategic initiatives.

Sources indicate that multiple banking institutions are coordinating the transaction, though formal announcements regarding merchant bankers and detailed bond terms are expected in the coming weeks.