Shapoorji Pallinji defaults on Union Bank commercial paper worth Rs 200 cr

Shapoorji Pallonji and Company Private Limited (SPCPL), the flagship company of the SP group, has defaulted on Rs 200 crore of commercial paper which was due on September 25, CAREratings said in a statement. The company has applied for a one-time restructuring of its loans.
 

SPCPL, being in the construction and real estate sector, has been severely affected due to Coviod-19. Cash flows from operations and asset monetisation have been adversely impacted and the promoter’s fund raising aggregating Rs 11,000 crore, which was initially planned to be completed by end of Q1FY21 and subsequently spilled over to Q2FY2021 has not