Page 3 - Shapoorji Pallonji

Shapoorji Pallonji Real Estate eyes Rs 250 cr revenue from new project

Shapoorji Pallonji Real Estate is expecting over Rs 250 crore revenue from its new housing project in Mumbai and has raised Rs 55 crore to finance the development. In a statement, the company said WSB Real Estate Debt Fund II (WSBREDF II) has invested Rs 55 crore in its premium project 'BKC 9' at Bandra East, Mumbai. The project is a collaborative effort between Shapoorji Pallonji Real Estate (SPRE) and Vakratunda Buildcon Private Ltd. (VBPL). The company anticipates revenue exceeding Rs 250 crore from this project, it said. "The WSBREDF-II fund has committed an investment of Rs 55 crore to complete the premium project, BKC 9," it said. The project, spread over nearly half acre of land, has 92 apartments. The price of the apartments starts at Rs 2.11 crore. Nirav Dalal, Business Head and Chief Investment Officer, Shapoorji Pallonji Real Estate, said, "Our collaboration with WSB Partners reinforces our dedication to delivering innovative and top-tier developments that redefine th

Shapoorji Pallonji Real Estate expects Rs 600 cr from 276 luxury homes

Realty firm Shapoorji Pallonji Real Estate (SPRE) on Thursday launched 276 luxury homes in Pune with an estimated sales value of around Rs 600 crore. In a statement, the company said it has launched the second phase of its project 'Golfland' which is part of a large township 'VANAHA' near Bavdhan, West Pune. "With an estimated revenue potential of Rs 600 crore, the second phase of Golfland responds to the growing demand for upscale residences in Pune," SPRE said. The project will have 276 homes, available to buyers at prices starting at Rs 1.48 crore. In the first phase, the company had launched 276 homes. The township 'VANAHA', spread over 1,000 acres, is a mixed-use development comprising residential, commercial, and retail spaces. To date, the company has sold over 1,800 apartments in this township worth Rs 1,500 crores across mid-segment (Yahavi and Springs) and premium developments (Golfland phase 1). Nirav Dalal, Business Head and Chief Investment Officer, SPRE, said,"The

Adani Ports in talks for acquisition of SP Group's Gopalpur Ports in Odisha

Adani Ports & Special Economic Zone is pursuing a potential Rs 1,100-1,200 crore acquisition of Gopalpur Ports from Shapoorji Pallonji Group, which would bolster its presence along the eastern coast

CARE downgrades ratings for Shapoorji Pallonji & Co's term loan to 'BBB'

Delay in securing working capital limits triggers rating action

Sebi fines Rs 7 lakh on Shapoorji Pallonji for violating disclosure rules

Capital markets regulator Sebi has imposed a penalty of Rs 7 lakh on Shapoorji Pallonji and Company for flouting disclosure norms. In its order, Sebi found that Shapoorji Pallonji and Company did not take prior approval from the stock exchange for converting non-convertible debentures (NCDs) into a term loan way back in March 2021. Also, it failed to submit auditor's certificate on utilization of funds, half yearly certificate on maintenance of asset cover and annual report to the debenture trustee, the Securities and Exchange Board of India (Sebi) said in its 64-page order passed on Thursday. Additionally, the company had not updated certain information on its website as required under the Listing Obligations and Disclosure Requirements (LODR) Regulations. Those details are pertaining to notice of meeting of the board of directors where financial results would be discussed; financial results; complete copy of the annual report after FY 2019-20; information, report, notices, call .

SP Group firm Afcons Infra to tap market to raise Rs 8,000 cr: Report

The fundraising by Afcons Infrastructure comes shortly after another group company, Goswami Infratech, raised nearly Rs 14,500 crore by issuing bonds

Tycoon Shapoor Mistry's firm set to sell India's biggest low-rated bond

The offering comes at a time when investors are turning bullish on India's credit market as a strong economy and improved corporate balance sheets have alleviated concerns

ICRA downgrades ratings of Shapoorji Pallonji to BBB+, places it on watch

ICRA has downgraded the ratings of Shapoorji Pallonji and Company to BBB+ from A- and placed it on rating watch with developing implications.

L&T is lowest bidder for New Delhi station revamp with Rs 8,740 cr offer

Infra major was in the fray with Shapoorji Pallonji for largest station upgrade project; its submission is over Rs 3,000 crore beyond the Centre's estimate

Backed by big deals, GIC ahead of western peers in office properties

According to sources, GIC is in the final leg of three real-estate deals in the country. They relate to properties or significant stakes in portfolios of key investors

NCLAT upholds Adani bid; asks Shapoorji Pallonji to pursue arbitration

The National Company Law Appellate Tribunal (NCLAT) has upheld the 2019 Resolution Plan of Adani Power's bid for Korba West Power and has asked Shapoorji Pallonji & Co to pursue arbitration proceedings for pending claims. A two-member NCLAT bench said "there is no illegality in the order of the approval of the resolution plan by the Adjudicating Authority (NCLT) and it does not see any reason to set aside the resolution plan by Adani Power. The appellate tribunal was deciding over a petition filed by Shapoorji Pallonji & Co, against an order passed by the Ahmedabad Bench of the National Company Law Tribunal (NCLT) on June 24, 2019 approving the resolution plan by Adani Power. Shapoorji Pallonji & Co has claims of Rs 45.22 crore and an arbitration was going for the same. However, Korba West Power has itself triggered the Corporate Insolvency Resolution Process (CIRP) under section 10 of the Insolvency and Bankruptcy Code. Following this, the company came under moratorium ...

Shapoor Mistry lone representative on boards of family investments firms

Both firms own 18.4% stake in Tata Sons

Shapoorji Pallonji Real Estate raises Rs 450 crore from Motilal Oswal

Shapoorji Pallonji Real Estate (SPRE) has raised Rs 450 crore from Motilal Oswal Group to fund its two projects. Motilal Oswal Alternates, the investments arm of Motilal Oswal Group, has committed Rs 450 crore to Shapoorji Pallonji Real Estate. The investment has been made against two projects. One of the projects is a partially completed, leased and operational commercial project located in Manesar. The other project is a residential township project, launched in 2021 and has seen a positive sales response. "The investment, which has been made through structured debt instruments will be utilised towards working capital for the project, repayment of debt and to achieve financial closure," Motilal Oswal said in a statement on Monday. Venkatesh Gopalakrishnan, CEO of Shapoorji Pallonji Real Estate, said the additional funding will strengthen the company's growth story even more by adding significant value to its project pipeline. Sharad Mittal, CEO of Real Estate Funds, Motilal Oswa

Motilal Oswal invests Rs 450 cr in Shapoorji Pallonji Real Estate

Takes exposure to two projects--one commercial, the other a residential township

Mistry's death sentimentally negative but stay put in SP Grp stks: Analysts

Cyrus Mistry, a high-profile Indian-born Irish businessman and the former chairman of the Tata group, passed away in a road accident on September 4, 2022

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Cyrus Mistry's death puts spotlight on SP Group's holding in Tata Sons

There were media reports in March this year that SP Group was taking a Rs 15,000 crore loan against its holding in Tata Sons

Shapoorji Pallonji & Co to reduce debt by Rs 4,000 crore in FY23

Its consolidated external debt reduced by about Rs 13,500 crore during FY22 to Rs 23,475 crore as on March 31

Shapoorji Pallonji and Company divests 1.25% stake in energy firm

The 3.6-million share OFS garnered bids for 7.8 million shares from institutional investors on Friday

Shapoorji Pallonji and Co exits from Eureka Forbes after selling 8.7% stake

Construction major Shapoorji Pallonji and Company has exited from Eureka Forbes after selling its remaining 8.7 per cent stake to the new owner Lunolux, a firm backed by private equity