SP Group’s Mercury Finance Plans $125 Million Bond Reissue
Mercury Finance, a unit of the Shapoorji Pallonji Group, plans to raise $125 million by reopening its zero-coupon dollar bonds due July 2029. Three people familiar with the matter told Reuters about the plan on Tuesday.
The company can redeem the bonds after one year. The proceeds will be invested in rupee-denominated bonds to be issued by another group company.
The deal follows a larger $650 million fundraising in July, when the money was channelled into rupee debt sold by Eqyizen Investment. That issue was priced at an 18.95 per cent yield.
The funds are meant to help Porteast Investment, another group firm, meet a payment of about Rs 3,500 crore linked to debt raised in May 2025. The group has sought an extension of the deadline to October 31.
The Shapoorji Pallonji Group did not respond to a request for comment. The group has been working to cut its debt, including a proposed sale of part of its Tata Sons stake.
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