Shapoorji Pallonji Group Co raises Rs 750 crore via NCBs by pledging SICL shares

Shapoorji Pallonji group-promoted Evangelos Ventures Pvt Ltd has raised non-convertible bonds amounting to ₹750 crore from Ares SSG Capital and Farallon Capital affiliate companies by pledging shares of Sterling Investment Corporation Ltd (), which holds a 9.18% stake in Tata Sons, the core investment company of the Tata Group, said people aware of the matter. The funds were raised to provide financial support to SP Group companies, the people said.

The board of Evangelos Ventures had on December 7 passed a resolution to raise ₹2,000 crore by issuing secured, unrated NCD in several tranches. The ₹750-crore bonds raised last week have a bullet payment on March 31, 2025, and provide an internal rate of return (IRR) upwards of 15%, people said.

In this calendar year, Evangoles Ventures has raised ₹9,530 crore of bonds to finance SP Group companies. The funding was provided by Ares SSG Capital by investing ₹3,600 crore while affiliates of Farallon Capital provided ₹4,130 crore. The entire funding was against the share pledge of SICL and corporate guarantees, among other pledged assets, the people said.

Shapoorji Pallonji Oil and Gas Pvt Ltd, Alkimos Consultancy Services Pvt Ltd and Ostendo Consultancy Services Pvt Ltd - the two promoter companies of Evangelos Ventures - provided corporate guarantees, the people said. The shares of Evangelos Ventures too were pledged with the two funds to avail of the debt facility.