Evangelos Ventures raised ₹625 crore from Ares SSG Capital affiliate and ₹750 crore from Farallon Capital affiliates at an internal rate of return of more than 15%. Both debt facilities were raised in the form of three-year bonds due March 31, 2025. The proceeds will be deployed mainly to repay high-cost borrowings of Goswami Infratech (GIPL), said the people.
Since 2018, Goswami Infratech has raised nearly ₹1,345 crore in different tranches from DB International (Asia), an investment banking arm of Deutsche Bank. Although most of the payment is due in May next year, ₹120 crore will come up for repayment this June. The coupon on the bonds raised from DB was pegged at 22%, payable on maturity. The SP group had provided credit support to the facility.
Ares SSG Capital and Deutsche Bank declined to comment. The SP Group and Farallon Capital did not respond to request for comment. GIPL is a 50:50 joint venture between SC Finance & Investments (SC Finance) and SP Finance (SP Finance); which are, in turn, promoted by Cyrus Pallonji Mistry and Shapoor Pallonji Mistry, respectively. GIPL acts as one of the investment companies for the SP Group.
A fortnight ago, Shapoorji Pallonji & Company, the group flagship, raised a ₹4,000 crore loan from HDFC, the largest housing finance company, to repay the debt of existing lenders. Upon repaying these dues, the company would exit a one-time restructuring signed with existing lenders.