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India's SP Group arm taps dollar debt to meet another unit's dues
MUMBAI: An unit of India’s Shapoorji Pallonji Group, Mercury Finance, is raising $125 million through the reissue of a U.S. dollar bond maturing in nearly three years, three sources aware of the matter said on Tuesday. Mercury Finance will raise the funds by reopening its zero-coupon dollar bonds due July 2029, with the company retaining the right to redeem them after one year, the sources said. The real estate conglomerate plans to use the proceeds to invest in rupee-denominated bonds to be issued later by a local group entity, they said. The dollar sale would be followed by another reissuanc...
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